With the VeChain Thor (VET), MainNet official launching is slowly but steadily approaching, many VEN holders are wondering how they can exchange their VEN units for the new VET tokens that will as of the launching become the native token of Thor network. To clarify the entire story on the mentioned token switch, we are presenting all details on how to swap your VEN and VET as well as how to do it the easiest way.
The Launching of the VeChain Thor: Transition from VEN to VET
Even though the token switch might now sound like a drag, there are probably mixed feelings due to the fact that VeChain (VEN) is going to officially launch its MainNet Thor in about 30 days from the time of this writing. The thing is that although it may be seemingly complicated, the token swap in VeChain’s case should be more than simple.
As far as the calculations concerned, all holders of VEN tokens at the moment and prior to the moment of the Thor mainnet launch are to get an equal amount of VET. That means that for every VEN you have, in case VeChain is currently being sold at 3.48$ per one unit, you will get 100 VET units in case one VET unit is being traded at the price of 0.34$ per one unit.
That means that you are not getting 100 VET units for 1 VEN units as per the rule – you are getting a number of VET units equal to the price of VET and VEN at the moment of the token swap. That doesn’t mean that you are losing money, no and not at all. It means that you are getting the number of VET units that match the price of the amount of VEN you are holding at the moment of the initial switch.
VET and What about the Price?
Although to you as a holder the token swap might sound as completely unnecessary, the team behind VEN and VET believes that they are due to do the coin split because it is much easier for investors to deal solely with VET instead of having to deal with both, VEN and VET.
Calculations during trading and investing gets more confusing and complicated that way, and that is one of the reasons why the team wanted to do the token swap in the first place, alongside with wanting to establish a higher level of scalability.
Many investors are interested in finding out what will happen to the price of VET once the main net is launched in exactly 33 days from the time of this writing, but the fact is that the exchanges on which the coin is being traded are not the ones to set the price.
That means that it all comes down to the market demand. First, after the main net launching, all exchanges for VET will be closed. Investors will be able to book their trades; however, the price won’t be visible until the first trade of the newly swapped coin is processed through any of the exchanges that listed VEN, the soon-to-be VET.
A Guide to Exchange your VEN to VET
The process of the token swap should be rather simple, so basically, the process should look like a smart contract being made on your behalf for VEN. At the start of this process, you will be required to send the new address of your new VET wallet that should be released altogether with the launching of the new Thor main net.
The operation with smart contracts that directly conditions conversion from VEN to Vet will be supported and processed through the new VET wallet software that would handle all the work of the token swap. The final product would be having a brand new VET wallet with new tokens that were once known as VET.
Of course, VeChain understands that the token swap will take some time to complete, so they will allow VEN and VET to coexist for a while so that all holders would have enough time to get through the process of the transition.
VeChain and the Market
Now that you know that your new VET wallet will generate the token swap, we can head to the market stats for today’s date of May 28th, as we can see VeChain dropping against the dollar. After the most recent change that occurred in the market, we can see VEN dropping once again, now going down by -2.29% against the dollar, which means that VEN can be currently traded at the price of 3.48$ per one unit.