Those that follow my posts will know I monitor the VeChain regularly mainly for selfish reasons looking after my investment. For those that do not know much about the VeChain it is fairly simple. There are 2 tokens one being VET and the other being the gas token VTHO. You earn the VTHO tokens by holding VET which if you held 10 000 VET would generate 4.32 VTHO daily. The amount of VTHO generated daily is in the region of 36 million.
The VTHO token is what is going to bring the value to the VeChain and not VET as the VTHO token is what is required to pay for the transactions on the blockchain. The more VTHO required the you either need to own more VET or purchase VTHO. The VTHO token is what will eventually drive the demand for VET and this is not that clear because we are not at that point yet.
The number of transactions per block caught my eye.
Today whilst having a look around the [VeChain stats site] (https://vechainstats.com/) I noticed the transaction numbers were being processed at a far higher number I have never seen before. Every block on the VeChain is processed at every 10 seconds so if every block is above 20 transactions that is processing nearly 8000 transactions every hour or around 200 000 transactions per day.
If you look at the VTHO burn rate it roughly works out to slightly under 2 VTHO per transaction so 100K transactions would normally see around 190K VTHO burned. Today that burn number is not corresponding with the other days and it is more like 5.5 x which is roughly a 3 x increase in burn rate. This is a very positive move and yet looking at social media everyone is oblivious to this. Ignorance is bliss and why staying informed s important to know what is really happening.
I have seen no announcements highlighting this adjusted burn rate and it is something to definitely watch. An increase in transactions along with a bigger number of VTHO being burned each day is rather significant for the tokenomics of VeChain. I have been looking out for any sign of an increase in transactions creating a bigger burn so this is definitely a big move even if it moves the daily burn numbers above 200K VTHO. This is the next signal which should be happening daily if the burn mechanism has been adjusted.
I thought would let it run for a few hours and check back to see if this is constant or a one off. 3 hours later we can compare the difference.
Nearly 14 000 transactions and more than 21K VTHO burned so that number has dropped slightly, but the numbers are still way up on the other days this week when we compare. With 7 hours still to run before this day is closed off I am hoping to see a VTHO burn in excess of 220K. This may be nothing but when you look at the number of transactions and the number of clauses in relation to the VTHO burn.