We can’t ignore the fact that the Vechain price has taken a huge hit in the past week. One of the major reasons for this decrease is because the tracking of X-node status is currently on hold.
Many X-Node owners sold their holdings in a hope to buy back more at a cheaper price and lockup a bigger amount of VET before the X-Node monitoring starts again on September 1st.
To reward loyal holders, Vechain has come up with a reward program and lottery.
Next to rewarding loyal holders, the developed program will also make sure that the token lock-up will get a boost ahead of September 1st, hopefully driving the price back up to its previous levels.
Or as CoCaColaKid, who seems to have made a return again, said: “sellers rekt lol” in his latest tweet. Warning users that they might end up having to buy back Vechain at a higher price, with the possibility to lose their X-Node status.
Hey, my green-sprinkled jelly-filled donuts – listen up. Get your battle-drums ready, the war is back. You cannot get rid of a Messiah. $VET $VEN $BTC $ETH $NEO $EOS#cocacolakid #cocawhispers #phoenix #vechain #crypto pic.twitter.com/GUBQPjfJxa
— The Coca Cola Kid (@CocaColaKid_OG) July 14, 2018
The Vechain foundation has created four events to reward holders and celebrate that it has been a year since the ICO release.
Event 1: Early bird X-Node reward
To promote users to bind and lock their X-Nodes as soon as possible, Vechain will give out rewards starting from Jul 27th.
There will be three various snapshots happening on 12 pm UTC+8 on July 27th, August 3rd and August 10th ahead of September 1st, when X-Node monitoring will start again.
If you have done the X-node binding and have locked down the amount of VET you need for your X-Node, you will get a VET bonus reward as seen in the following table:
If you meet all the requirements, you will get 1% extra VET on Jul 27th, 0.5% extra VET on Aug 3rth and 0.25% VET on Aug 10th!
Event 2: Lucky Draw
Starting from July 26th and ending on August 31st, each address that holds at least 50.000 VET (not VEN), will have a chance to win 1.000 VET.
Each day a random character is selected based on the hash of the first VechainThor Blockchain block after 0 am (UTC+8).
If the last character of your VechainThor wallet (thas has at least 50.000 VET in it) matches this character, you will win 1.000 VET.
Event 3: X-Node maturity period waive
To upgrade your X-Node, you normally have to wait 30 days to go from one level to the next level (VeThor > Strength > Thunder > Mjolnir). This waiting period is called the maturity period.
Users that have bought enough VEN to upgrade their X-Node during the token swap period, will get their upgrade when the monitoring resumes on September 1st, without having to wait for the duration of the maturity period.
Event 4: Win an X-node
On August 18th at 12 pm UTC+8, 5 random addresses that hold over 600,000 VET and don’t have X-Node status, will win X-Node status!
If the owner of the addresses already has another X-Node, he can give the X-Node designation to any other address that meets the requirements of a min. of 600,000 VET.
