VeChain (VET) price saw a 10% increase as Bitcoin briefly reached above $52,000. The surge in price can also be attributed to the recent announcement from VeChain that Account Abstraction (AA) is now live on its L1 smart contract platform.
This major development brings seamless interoperability and opens up programmable smart contract wallets on the VeChain blockchain. By going live, AA puts VeChain at the forefront of shaping the next step in global adoption of cryptocurrency.
In a recent Twitter thread, the VeChain team explained that the new approach of account abstraction moves away from the traditional externally-owned accounts (EOAs) system. It offers more flexibility and programmability while also enhancing usability and security. This is a significant step in bridging the gap between Web2 and Web3 and promoting mass adoption of crypto and blockchain technology.
The news of VeChain’s Account Abstraction launch also coincided with Bitcoin’s surge, which may have also contributed to the price increase of VET. The altcoin saw a 10% spike, trading at highs of $0.035. Crypto analyst Ali predicts that VET could reach $0.054 in the coming days, with a potential bull run to $0.70 by November.
VeChain’s all-time high of $0.28 was reached in April 2021 and last traded above $0.05 in April 2022. With the launch of AA and the recent surge in price, VET is showing promising potential for growth in the future.
Categories and tags related to the article can be found in the post-meta section. Don’t forget to share this article to spread the news of VeChain’s latest development.
