Network congestion and high transaction costs on the Ethereum (ETH) network have been a constant concern of investors and developers over the past year, and this has highlighted blockchain projects that offer solutions to these problems.
One of the categories of tokens that have increased in volume and price in the past two months are gas tokens, which help manage transactions on their blockchain networks.
Data from Cointelegraph Markets and TradingView shows that gas prices (GAS), Ontology Gas (ONG) and VeThor Token (VTHO) have risen more than 300% since the start of February, thanks to an increased focus on double token models.
VTHO / USDT
VeThor token is one of two tokens launched on the public VeChain Thor blockchain after the project was renamed in 2018. VeChain (VET) is the original platform token that serves as the primary value transfer token, and VTHO is the standard VIP – 180 tokens , Which means that it represents the trading value on the VeChain Thor blockchain.
Since VTHO hit a low of $ 0.00125 on Feb 1, VTHO has risen 615% to a high of $ 0.00897 on Feb 13, thanks to a record volume of $ 325 million. After the correction that brought the price down to $ 0.0037, VTHO is now rising again and trading above $ 0.008.
VTHO is inseparable from the general functions of VeChain Thor as it also represents the smart contract team on the network and ensures all smart contract transactions and execution.
Under the dual symbol model, VTHO is automatically distributed among VET holders at a rate ranging from 1.4% to 1.9%, depending on the wallet provider. This is similar to the reward for effort model and provides additional incentives for those with professional training.
Gas / US Dollar
Neo (NEO) was one of the first projects to popularize the dual token model through gas-driven transactions on the grid (GAS).
Similar to the VeChain Thor token model, users who store Neo in their wallet are automatically rewarded at a rate of 1.61%, which is paid in the form of GAS.
Tensions over GAS began to rise in early February when news of the Neo3 launch came along with the development of bridges between Ethereum and Binance Smart Chain.
On February 1, GAS traded at $ 1.79 for a record trading volume of $ 1.5 billion, so inflation rose to $ 15.80 on February 21, as Ethereum’s transaction fees rose to the highest level in 6 months. …
Average gasoline price for Ethereum. Source: Etherscan
While Ethereum gas fees have more than halved since February 23, the high price of Ether still makes transactions on the network unmanageable for the average user, while transactions on the Neo-blockchain cost an average of 0.001 GAS.
As the new ecosystem expands with the emergence of DeFi platforms such as Flamingo Finance and Switcheo decentralized exchanges, GAS has the potential to grow even further by offering a more reliable and low-cost option for blockchain transactions.
ONG / USDT
Ontology Gas is a Blockchain Transaction Token (ONT) that specializes in digital identity and data management.
Users with ONTs in eligible portfolios can earn an average of 8.56% interest paid in the form of ONGs that can be sold or used to pay for transaction costs.
The main features of Ontology’s network include ONT ID, which is a digital identity application used throughout the ecosystem, and the decentralized data exchange DDFX, which enables data encoding, data tracking and data processing in the system.
Ontology is designed to support network integration and level 2 scalability, with projects such as the Wing.finance DeFi platform providing support for Neo tokens and Ethereum, and ONTO wallet, which recently received support for 12 separate chains, including Polkadot (DOT) and Binance Smart Chain
As activity on Ontology’s network started to grow and the ecosystem expanded, ONG’s price increased 480% from $ 0.196 on Feb 1 to $ 1,137 on Feb 21, with the token reaching $ 1.42 billion in 24 hours. Volume. …
Completing all transactions on the network is dependent on ONG, and as Ontology’s system continues to grow, ONG is likely to experience significant growth in demand, which could lead to an increase in prices.