Binance Completes VeChain (VEN) Token Swap to VET and Airdrops 100 Million VTHO 10

Binance Completes VeChain (VEN) Token Swap to VET and Airdrops 100 Million VTHO

In late June, Binance announced that it was going to support the VeChain (VEN) mainnet token swap to Vechain Thor (VET). Back then, the exact date of the token swap had not been announced, but the crypto community was aware that it would happen sometime before the end of July. The team at VeChain had also announced that the new VET coin will start trading also in the month of July.

Binance announes completion of VEN Mainnet swap to VET

Two days ago, on the 24th of July, Binance announced that it had completed the VEN Mainnet swap to VET and based on the promised ratio of 1 VEN = 100 VET. The exchange also announced that trading on VET would resume using the base pairs of BTC, ETH, BNB and USDT.  The announcement also stated that:

All prior VEN balances have been removed and all VEN trading pairs have been delisted from the exchange.

Based on the VEN/VET distribution ratio, the opening price for VET will be one hundredth of the last traded VEN price. The exact prices are listed below:

VET/BTC 0.00000240
VET/ETH 0.00003941
VET/BNB 0.00149200
VET/USDT 0.018319

Binance had to recalculate the trading value of the new VET due to the new distribution from VEN. The exchange also announced that it will support the distribution of VTHO to VET holders on a monthly basis. The distribution of VTHO will be calculated using a daily snapshot that will be tabulated and distributed per month. The formula being used by Binance is as follows:

Daily VTHO generated by each user = Daily total VTHO generated by Binance * User VTHO holdings ratio

User VTHO holdings ratio = User VET holdings / Total VET held on Binance

More information about VTHO can be found on page 38 of the VeChain whitepaper.

100 Million VTHO Airdrop Gift

The exchange would also surprise VET HODLers on the exchange, with a 100 Million VTHO airdrop to celebrate the launch of the VeChain (VET) mainnet. The airdrop is independent from the monthly VTHO distribution mentioned above. Binance would state the following during the announcement of the airdrop:

The 100 million VTHO will be split between all users holding VET at 2018/08/01 00:00 AM (UTC). The amount of VTHO airdropped to each VET holder will correspond to their percentage holding of the total VET balance held by all Binance users at the time of the snapshot.

However, balances of VET below 1 VET (including those in trader orders) will not be eligible for the airdrop. The airdrop will be completed before August 5th, 2018.