Vether is designed to be a store-of-value with properties of strict scarcity, unforgeable costliness and a fixed emission schedule. Vether mimics characteristics of Bitcoin, where miners compete to expend capital to acquire newly-minted coins and chase ever-decreasing margins. Instead of expending capital, Vether participants compete to purchase it by destroying capital on-chain. As a result, all units of Vether are acquired at-cost and by anyone. This mechanism is called Proof-of-Value.
To-date 2,176.11511488164210354 ETH have been cast into the burn address in exchange for VETH. Address: 0x0111011001100001011011000111010101100101 (VALUE in Binary).
The value of these ETH totals $845,116.07. There are currently 249,099 circulating at a market price of $5.83, giving VETH a circulating market cap of $1,451,679
Proof-of-value is working. Every VETH ever minted has been done so at-cost. Every participant is able to verify this independently, creating the ultimate fair playing field for a store-of-value. This is a new asset class, one of strict scarcity and immutable trustlessness. There is no dev allocation. There are no VC's.
Vether IS crypto.
