Gas tokens gain 300% as the quest for Ethereum network alternatives expands – Cointelegraph

Gas tokens gain 300% as the quest for Ethereum network alternatives expands – Cointelegraph

Network congestion and high transaction costs on the Ethereum (ETH) network have been a persistent issue for investors and developers for the past year and this has shone a spotlight on blockchain projects that offer a solution to these issues. 

One class of tokens that has received a boost in both trading volume and price over the past two months are gas tokens that help power transactions on their respective blockchain networks.

VTHO/USDT vs. GAS/USD vs. ONG/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that Gas (GAS), Ontology Gas (ONG) and VeThor Token (VTHO) have all seen their prices increase more than 300% since the beginning of February thanks to increased attention on dual-token models. 

VTHO/USDT

VeThor Token is one of the two tokens that were launched on the VeChain Thor public blockchain following the project’s rebrand in 2018. VeChain (VET) is the native token of the platform and performs as the primary value-transfer token while VTHO is a VIP-180 standard token, meaning it represents the cost of transacting on the VeChain Thor blockchain.

Since hitting a low of $0.00125 on Feb. 1, the price of VTHO rocketed 615% to a high of $0.00897 on Feb. 13 thanks to a record $325 million in trading volume. After a correction that saw the price drop to $0.0037, VTHO is now climbing again and trades above $0.008.

VTHO/USD 4-hour chart. Source: TradingView

VTHO is inseparable from
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