VeChain Foundation Launches VeUSD Stablecoin and Follows it with Community Events

About 10 days ago, on March 9th, the VeChain Foundation published an article announcing the launch of its native stablecoin, VeUSD, as well as a few events that were set to accompany the stablecoin’s arrival.

The blog post stated that the stablecoin has been in development since it was first announced at the start of the year, and the minting was finally ready to take place last Monday, March 14th, 2022. The Foundation said that the minting portal was to go live and become fully accessible to everyone through, and that launching it will mean the start of the new era for VeChainThor public blockchain.

What does this mean for VeChain?

According to VeChain, the launch of the stablecoin marked a special moment for the project. It allowed its developers to kickstart new objectives for this year, and it further enhanced their own capabilities within the VeChain enterprise, sustainability, financial, and carbon fields.

The VeChain blockchain is a versatile layer-one public chain, and the team wishes to see it adopt many new and exciting use cases, which will be based on clients’ requests. Furthermore, it will also serve to boost the scope of functionality for the project’s growing DeFi and NFT ecosystems.

Following the launch of the stablecoin itself, the project plans to celebrate by providing a $50,000 USD in bonuses to community members who participated in the minting between Monday, March 14th, and Sunday, March 20th. However, just participating in the minting is not enough to become eligible for participation, as there are a few other conditions.

How much will users receive in bonuses?

To be eligible, users need to be among the first 100 wallets to mint and deposit $50+ to their VeChainThor address. For doing so, they will receive a $25 bonus. The first 1000 wallets to mint $50+ VeUSD and send it to their VeChaiThor address will receive a $10 bonus. Next, the first 500 wallets to ming $100+ and store it in their addresses on the VeChainThor blockchain will receive $20, and that does not stack with the previous bonus.

Moving forward, the project also promises that the first 100 wallets that minted $500 and sent it to their address will get $125, while the first 25 wallets to mint over $1000 will get a $300 bonus. Neither of the bonuses stacks with the previous ones, so each user is only eligible to receive one, depending on how much they minted.

VeChain Foundation continued by saying that the top 10 addresses with the highest VeUSD volume minted will receive a $250 bonus, and finally, all X-Nodes and Economic nodes that participate in the event will split a total of $5,000 equally. The rewards for this cannot be anticipated, as it directly depends on how many nodes will join the program.

VeChain Foundation also planned out an airdrop

VeChain-related events will not end with the minting and bonuses, however, as the project also came up with the idea of organizing an X-node community minting event. It explained that the X-nodes have been the VeChainThor ecosystem’s backbone for years, and that the team wishes to express its gratitude for that.

With that said, the plan is to allow X-nodes to become ‘gas stations’ for on-chain projects and users, and secure a special place for them in the emerging digital economy. On March 14th, the project took a snapshot of all X-nodes, and it stressed that there were no specific criteria for receiving the airdrop other than being there at the time of the snapshot.

To learn more visit our Investing in VeChain guide.