- Following a recent partnership with Wanchain, VeChain users will be able to move assets like ETH, USDT, USDC, and Solana (SOL) across chains.
- Wanchain would also leverage VeChain’s reputation to gain massive brand recognition and an opportunity to partner with top blockchains.
VeChain has announced a strategic partnership with Wanchain, a global leader in decentralized blockchain interoperability, to launch its enterprise blockchain’s first cross-chain bridge. According to the report, this will lay the foundation for the network to seamlessly connect with other blockchains and share assets across the ecosystem.
Fascinatingly, this could be one of the most important developments in VeChain history as it remains isolated from the rest of the crypto world despite its several technological upgrades. This has affected the growth of its Decentralized Finance (DeFi) sector.
With this initiative, the Wanchain Bridge would introduce the likes of Bitcoin (BTC), Ethereum (ETH), USDT, USDC, Solana (SOL), and XRP at launch. What this means is that users would be able to move these assets between chains like Ethereum, Solana, Ripple, and Bitcoin. In the long run, VeChain would significantly benefit by having more value locked and a stronger DeFi community.
For Wanchain, it would be able to access the wider VeChain user base with about 8 million active wallets. Accessing these users would also translate into an improved transaction amount and cross-chain volume on the Wanchain Bridge. Meanwhile, all the bridge fees collected would automatically be converted into WAN through the Convert and Burn system.
Above all, Wanchain would have the benefit of getting huge brand recognition and also stand the chance to partner with the top blockchains with at least $2 billion in market cap.
VeChain’s (VET) Latest Development and Wanchain’s Benefit of This Partnership
VeChain has cemented its position as a leader for Layer 1 blockchains with its TVL in DeFi reaching $1.61 million. As featured in our recent report, VeChain has also achieved MiCAR compliance to make its native token, VET, become legally recognized across all 72 EU nations.
Commenting on this, experts hinted that the new VeChain bridge would also unlock new opportunities for more than 40 blockchains.
For Wanchain, it means more users, more transactions, and a stronger position in the cross-chain space. Soon, you’ll be able to use the first-ever cross-chain bridge on VeChain yourself. This will give you a new blockchain to explore, new DeFi opportunities and new ways how to get rewarded for protecting the environment.
VeChain has recently embarked on several partnership deals with the likes of Walmart China as part of its plans to power different sectors with its sustainability platform as detailed in our recent blog post.
Additionally, it is set to unlock multiple groundbreaking features with the Renaissance upgrade scheduled for July 2025. As indicated in our recent news brief, this would upgrade its tokenomics and boost staking and interoperability. Specifically, this will redefine the economic model of the protocol by burning 100% of transaction fees and lowering VTHO inflation by 72%, as also mentioned in our previous news article.
Amidst the backdrop of this, VET has printed 3% gains on its daily price chart, trading at $0.03. According to our recent analysis, VET could finish the year at $2.5.
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