VeChain and VeThor Staking FAQ
This article covers common questions asked about the VeChain (VET) blockchain including how to stake Vechain, as well as its related asset VeThor (VTHO).
In this article
- What is VET?
- What is VTHO?
- How do I send VET?
- How is VTHO generated?
- How do I receive VTHO?
- Where do I see the VTHO in my Exodus wallet?
- Will Exodus wallets receive airdrops of VET tokens?
- How do I claim and send the VTHO in my Exodus wallet?
What is VET?
VeChain Thor Blockchain is the blockchain platform that supports blockchain-based business applications. VeChain's vision is to be a trust-free and distributed business ecosystem that will enable transparent information flow, efficient collaboration, and high-speed value transfers.
Also known as smart money, the programmable VeChain Token (VET) acts as a carrier of value for efficient and high-speed value transfers to be carried out between different business activities on the platform.
What is VTHO?
The lower level concerns Blockchain-level operations such as transferring tokens and executing smart contracts while at the higher level, VeChain holds applications that conduct complex business and financial activities.
In our model, we design a twin-token system to facilitate activities at both levels, namely, VET and VTHO. The function of VET is to serve as value-transfer medium, or in other words, smart money, to enable rapid value circulation within the ecosystem based on VeChain. On the other hand, VTHO represents the underlying cost of using VeChain and will be consumed (or, in other words, destroyed) after certain blockchain operations are performed.
How do I send VET?
To send VET you will need enough VTHO in your Exodus wallet to cover the network fee. Just by holding VET you will start to generate VTHO automatically.
You will notice that the VTHO that you generate can sometimes be an insufficient amount to send a transaction. If this happens, you will need to obtain some VTHO and send it to your Exodus wallet directly.
How is VTHO generated?
VeChainThor (VET) holders can generate VTHO which is similar to GAS for NEO, in that it allows transactions to happen on the VeChainThor blockchain.
VTHO is generated automatically via holding VET tokens. In other words, whoever holds VET will be given VTHO for free and be able to use VeChain for free as long as the operations performed consume less than the VTHO generated. The VTHO tokens can be transferred and traded to allow users to acquire extra VTHO for performing a larger scale of operations such as running an application hosted on the VeChainThor Blockchain.
To find out more about what Annual Percentage Yield (APY) is and how to view the current APY for VET and VTHO, please check out this article: What is APY.
How do I receive VTHO?
VTHO is automatically calculated and sent to VET holders, who can claim them at their address from directly within Exodus wallet. Currently each VET will create 0.00000005 VTHO with every new block.
Blocks get mined every 10 seconds but sometimes can vary with network conditions, this will affect VTHO received over time.
Where do I see the VTHO in my Exodus wallet?
To see the VTHO received by your Exodus wallet, all you will need to do is enable the VTHO wallet from the settings menu. You can see how to enable assets in this article we wrote: How do I enable or disable assets in Exodus.
Will Exodus wallets receive airdrops of VET tokens?
All airdrops sent to your address will still be stored on the blockchain, but Exodus will not be able to display them inside the wallet. You will need to use an advanced wallet to access them. It is advised to exercise caution when using your private key in another wallet.
How do I claim and send the VTHO in my Exodus wallet?
If you have VET in your Exodus wallet then your Exodus wallet will automatically claim your VTHO for you, there is nothing you need to do!