VeChain X Node binding services closed; VET token swap begins

On 10th August, VeChain made an announcement on their official Twitter handle that X Node binding services would be closing since the team has initiated VET token swap. The team would no longer be accepting the ERC20 tokens that are being sent to the VeChainThor wallet. A request has been made to the users to read the manual before the swap begins.

VeChain Foundation’s Tweet | Source: Twitter

The manual provided by the VeChain Foundation to the users consists of an overview of what the VeChainThor wallet is, along with all the necessary and important abbreviations that users may not be familiar with.

It also explains all the steps that a client, holding X Nodes, can take to complete the VET token swap on their mobile application using their VeChain token swap service.  It further explains the process to the non X Node holders as well.

A Twitterati responds to this announcement stating:

“Now for the Rebirth of the Phoenix, we have fallen and now we will rise from the ashes!”

A Twitter reply from Blockchain Logistics, disapproved by saying:

“We are shocked amd disgusted by the behavior and greed of #vechain node-holders that dumped large quantities of our token and manipulated the charts for days just to get a few more #vechainthor. I believe I speak for all “VeChain veterans when I say GO TO HELL YOU GREEDY PIGS!”

The X Node series was launched by VeChain to make it easier during the conversion or swapping of tokens from VEN to VET. Being present on the blockchain, an X Node is essentially a point at which a particular update starts and ends.
Reports state that X Node differs from regular nodes on the blockchain in the sense that it provides special benefits for the early supporters of the VeChain platform.

Some of these benefits include:

  • More VeChain production than standard nodes
  • Early start of node maturity periods
  • Exclusive participation in VeChain Ecosystem ICO whitelists
  • Official designations to build and represent the community

Initially, when the announcement regarding the token swap was made, VeChain had requested its clients to transfer their token to a safe and well-established exchange platform. This would make it easier for the coin swap if it is present on a familiar exchange platform.

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