VeChain (VET) Available for Storage, Staking in Ledger Wallet
Locked X Nodes cannot be moved to the Ledger wallet, but future staking will be possible.
VeChain (VET) is now available through the Ledger wallet ecosystem, and the application will also work for staking. The addition of VET follows a round of expansion for Ledger, leading to the addition of several digital assets:
The arrival of a hardware wallet option for VET was welcomed by the community. Until recently, the project only offered a mobile wallet whose latest update allowed the storage of funds on a disconnected device. Still, some prefer the more secure option.
The new VeChain app is already available on the Ledger site for immediate download and use, but it comes with some important warnings. It is only available for a fully updated Ledger device.
Most importantly, Ledger is not a tool for swapping the old ERC-20 VEN tokens for the new VET asset. Sending VEN to an address generated on the Ledger device will lead to losing the coins, not swapping them.
Users who have bound their new X Nodes on the mobile wallet are also advised to wait and refrain from moving the tokens to the Ledger device. After August 10, the proper token swap procedure will start, working through exchanges that support the VET digital asset. The deadline for swapping the tokens is September 1. In September, another round of X Nodes monitoring will allow for new users to acquire VET for staking and VeThor (VTHO) rewards.
The token swap timeline has caused further tumult for the VET digital asset. It slid to $0.011, the equivalent of $1.1 for VEN, with the price tanking in the past few weeks and the weakness affecting the new token. For newcomers, this means a lower cost of setting up nodes. In the past, X Nodes and starter nodes were created at a cost of up to $5,000.
VET prices started to plummet in the late hours of August 7, extending the slide while threatening to break below the $0.01 level. The drop coincided with a crash in Bitcoin (BTC) prices, and VET has more than 45% of its volumes in BTC trades. Another 42% of trading is against Tether (USDT), and the tokens may be sold off in expectation of a further drop in prices.
The VeChain project has a dedicated community, with the expectation of a large percentage of coins being locked in nodes. In the short term, however, the price has retreated significantly from its recent peak, partly hurt by the token swap process.
The recently listed VTHO token also slid significantly, losing up to 45% overnight to descend to $0.013. The asset has shed half its value in the past seven days after trading opened above $0.03 at the end of June.
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