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VeChain, a leading enterprise blockchain protocol, has just unveiled an update to its Node Rewards platform, introducing a marketplace for node transactions.
According to a disclosure on X today, the marketplace improves the way users manage Economic Nodes and X nodes within the VeChain ecosystem. The latest enhancement is accessible through the newly introduced “Marketplace” session of the official VeChain Rewards dApp.
The #vechain Node Rewards platform welcomes another update – the marketplace is officially live!
View, bid, sell and transfer Economic / X-Nodes all from our official Rewards dApp.
Link: https://t.co/aCvYye9vP4
Catch up on recent tech updates:https://t.co/tbDH2XXVFz$VET pic.twitter.com/MpepO55Frd
— vechain (@vechainofficial) December 12, 2023
Significance of the Marketplace
For the uninitiated, the VeChain Node Rewards system is designed to give users incentives for keeping VET tokens and operating a node on the VeChain network. Participants can earn different rewards, such as VTHO tokens, utilized to cover transaction costs within the VeChain network.
The launch of the marketplace is a move by VeChain to bolster the functionality of its Node Rewards platform. It provides users with a centralized hub where they can view listings, place bids, sell, and transfer nodes.
The team confirmed that they will include the marketplace as a tab on Android devices for VeWorld, the dedicated self-custodial wallet for the VeChain ecosystem, in a few days. Recall that the team launched VeWorld in February as part of the push toward innovation.
The new node marketplace is the latest push from the team. The marketplace also allows users to view the current market value of their nodes, making it easier to determine the best time to sell. A quick look at the platform shows several node auctions available on the marketplace. Prices range from $858 to $48,196.
VeChain’s Node Rewards platform has been instrumental in maintaining the network’s stability and encouraging user participation. The recent introduction of the marketplace is expected to attract new users to the VeChain ecosystem, as it lowers the entry barrier for acquiring nodes.
VeChain Continues to Innovate
The blockchain protocol’s commitment to continuous improvement is evident in the recent development. The introduction of the marketplace comes barely a day after the development team unveiled an update to allow users to transfer nodes between addresses and carry out private node sales.
Besides its Node Rewards program, VeChain has progressed in several other areas. The network recently integrated Coinbase Pay’s on-ramp feature to allow users to buy VET, its native token, with fiat on VeWorld. The development team also recently released the VeChain dApp kit.