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- Two active projects within the VeChain ecosystem, VeSwap, and VeStation, collaborate to enhance sustainability and provide support for relevant trading pairs.
- VET fails to hold its ground, declining by a whopping 26% in the last seven days, though it maintains a positive trading Volume.
The leading Decentralized Exchange (DEX) based on the VeChain (VET) ecosystem, VeSwap, has announced a strategic partnership with the VeChain-based Decentralized Finance (DeFi) platform VeStation to promote sustainability and create a robust environment for users.
According to the announcement, VeSwap would be required to provide relevant support to VeStation’s $ ssUSD and VeBetterDAO trading pairs. It would also provide immense support for VeStation to liquidate its $VET collateral during a period of insufficiency.
🎉 Exciting News: VeSwap × VeStation 🚀VeSwap partners with VeStation to support the $ssUSD trading pairs and related VeBetterDAO pairs, enhancing liquidity and trading options! 🌱VeSwap will also assist in liquidating $VET collateral. Together, we’re supporting VeBetterDAO… pic.twitter.com/PxJPMxSTNx— VeSwap – ♻️ VeFi Engine (@veswaporg_) August 3, 2024
Explaining $ssUSD, VeStation stated that it was created as a sustainable stablecoin to maintain value stability while supporting environmentally conscious projects. The initial intent was to imitate the DAI on the Ethereum blockchain and act as a stable medium for transactions and investments.
By integrating $ssUSD into VeSwap, its platform offering would be expanded while supporting economically and environmentally sustainable projects. The collaboration would support relevant trading pairs, unlock liquidation assistance, promote sustainability, nourish the DeFi ecosystem, and embrace VeFi Summer with VeBetterDAO.
VeSwap empowers users to seamlessly swap tokens, contribute to liquidity, and explore the burgeoning DeFi landscape within the VeBetterDAO ecosystem. With its focus on deep liquidity, user control, and security, VeSwap paves the way for a thriving DeFi future on VeChain.
VeStation Redefines the VeChain Ecosystem
VeStation’s contribution to the VeChain ecosystem cannot be understated. It maximizes sustainable asset yields, ensures the minting of $ssUSD, and earns VeStation governance tokens, staking rewards, and several other benefits that were non-existent. Before VeStation, VET holders could only hold assets in their wallets without yield. Today, it addresses multiple DeFi challenges through liquidity efficiency, technical infrastructure, and token utilization.
As the first protocol to support VeChain staking, VeStation focuses on delivering innovative staking solutions, introducing the $ssUSD stablecoin, enhancing node services, and supporting VeBetterDAO sustainable projects, while maximizing rewards for users. This synergy fosters a collaborative environment within the VeChain ecosystem, driving sustainable development forward.
VeStation also ensures comprehensive node management for seamless operations and the maximization of rewards while enhancing overall participation within the ecosystem.
VeStation stands at the forefront of DeFi evolution, powered by a steadfast commitment to sustainability, VeStation is more than just a DeFi platform — it’s a catalyst for change within the VeChain ecosystem. By endorsing VeChain staking and providing comprehensive financial support and node service for VeBetterDAO projects, VeStation fosters a collaborative environment and empowers users to participate in sustainable development efforts while reaping the rewards of their contributions.
The recent active engagements and interactions within the VeChain ecosystem, though providing a positive outlook, failed to convince investors to hold their VET positions in the short term.
At press time, VET had been severely affected by the ongoing broad market pullback, declining by 11% in the last 24 hours and 26% over the previous seven days to trade at $0.0209. However, its 24-hour trading volume was up 175%, with $64 million changing hands.