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VeChain subverts market expectations, but what does it mean
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Until a few weeks ago, VeChain’s price, amid anticipation for POA 2.0 Phase 1, seemed to register an independent rally. On 16 November, as VeChain’s first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm went live, the market expected a similar upswing in price.
However, exposed by the broader market’s weakness, VET had some other plans.
The latest consensus mechanism upgrade is set to improve several aspects of the network’s security and key operations. It will also make the blockchain more environment-friendly. Notably, a week ago, when the same was merely announced, VeChain’s price recorded a 15% hike in just 48 hours.
This time too, despite the larger market looking grim, the upgrade was supposed to be a monumental
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