September 27, 2022

VeChain price up 7% after network upgrade launch

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Released on the morning of June 21, 2022, a press release from blockchain development company VeChain Foundation announced the launch of an update to the algorithmic chain. Amid the announcement, the rate of the VeChain ecosystem native token (VET) rose from June 20 to 21, 2022 to $0.02414, adding 7%.

The update consisted of implementing the VeChain Improvement Proposals 220 (VIP-220) network improvement protocol on the testnet. According to technical experts, what happened is a significant step towards achieving the Proof-of-Authority 2.0 (PoA 2.0) consensus mechanism.

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