VET dips to $0.015 despite VeChain’s consensus switch

The cryptocurrency market opened the new weekly candle bearish as Bitcoin temporarily dropped to the $93k level.

This affected the performances of major altcoins, including VeChain (VET).

VET is down nearly 3% in the last 24 hours despite a major development within the VeChain ecosystem.

Risk-off sentiment has pushed investors to the sidelines in recent weeks, with further downward movement expected in the near term. 

VeChain mainnet upgrade shifts consensus mechanism from PoA to DPoS

VET is down nearly 3% in the last 24 hours and is now trading at $0.01530 per coin.

The bearish performance comes despite VeChain announcing on Friday that it had migrated its mainnet from Proof of Authority (PoA) to Delegated Proof of Stake (DPoS), ushering in a new era of growth for the network.

The change in consensus will occur during the upcoming Hayabusa upgrade.

According to the VeChain team, this major upgrade will fuel the network’s next phase of growth without compromising the predictable costs and features that real-world users rely on.