On March 13, 2025 at 01:00 (UTC+8), Binance launched the VIC perpetual contract, causing the VIC token price to surge up to about 2.5 times in just two days in such a depressed market. As an L1 public chain token, VIC's market capitalization is still only over $70 million, which can be considered a bargain. It is worth noting that more than half of VIC's token unlocking has been completed, without the heavy selling pressure that some VC coins had before. So is VIC token worth buying? This article will conduct an in-depth analysis based on its fundamentals.
Project Overview
Basic Introduction: Viction (formerly known as TomoChain) is officially introduced as a people-centric L1 public chain, with its main features being the "zero transaction fee" vision and "enhanced transaction security", aiming to lower the usage threshold of Web3.
Development History: Viction's predecessor TomoChain was officially launched in March 2018, with the founding team including Long Vuong (who was involved in the creation of the NEM blockchain), Le Ho, and Nguyen Sy Thanh Son. In 2018, the project raised about $8.5 million through an ICO, launched the mainnet, and issued the native TOMO token with a total supply of 100 million.
In 2019, the team released the decentralized exchange protocol TomoX, and in 2020 collaborated with the Vietnamese Ministry of Education to put graduation certificates on-chain, showing potential applications in the business and government sectors. At the end of 2023, the team announced the official renaming of TomoChain to Viction, with the token symbol changed from TOMO to VIC in a 1:1 conversion, maintaining the original total supply, and introducing a "zero Gas fee" feature. They also held the Viction Horizon Startup Hackathon, launched the community incentive program Viction Swag, and implemented token staking functionality in the official wallet.
Core Technology and Innovations
Underlying Architecture: Viction continues and improves upon TomoChain's technical architecture, adopting a Proof-of-Stake Voting (PoSV) mechanism for its mainnode network to maintain blockchain security and performance. The entire network is maintained by 150 masternodes elected through token holder voting, responsible for verifying transactions and block production. The network achieves second-level block times and fast transaction confirmation through the masternode staking of VIC, while the election mechanism prevents node monopolization by a minority.
Viction also employs Double Validation and random seed technologies to enhance security and finality, where each transaction requires confirmation from two independent validators, reducing the risk of malicious acts, and blocks are made irreversible through random validator selection. In terms of smart contracts, Viction is fully EVM (Ethereum Virtual Machine) compatible, supporting most of the Ethereum ecosystem's smart contracts and protocols, allowing developers to easily deploy or migrate DApps to Viction. Additionally, Viction supports atomic cross-chain token transfers, facilitating interoperability between different blockchains.
Key Innovations: Viction's most significant technical innovation is the introduction of the VRC25 token standard, the so-called "zero Gas token" standard. Using VRC25, users can pay transaction fees directly with the token itself when transferring or using an application, without the need to hold the native token for gas. For example, if I want to transfer USDT on Ethereum to an exchange, but don't have ETH, I normally need to first deposit ETH to Ethereum to pay the gas fee before the transfer can be made. This process is inconvenient, and users who have experienced on-chain operations would be familiar with this pain point. With VRC25, the USDT can be directly used to pay the transaction fee, significantly improving the user experience in certain scenarios.
Technical Advantages Comparison: The public chain competition is fierce. Compared to Ethereum, Viction achieves faster transaction confirmation and lower fees through its PoS masternode consensus, and eliminates the user's need to hold the mainchain token for paying fees. Relative to other DPoS-based chains (such as Tron and EOS), Viction's double validation and random election mechanisms provide additional security guarantees, reducing the risks of node malicious acts and forks.
Some emerging public chains like Aptos and Sui have introduced new consensus and parallel processing technologies to boost performance, but their smart contract ecosystems need to be rebuilt from scratch, which is less convenient than Viction and other EVM-compatible chains, with lower developer migration costs. Public chains that fail to attract developer participation and see their ecosystems wither are not uncommon, with CKB being a typical example.
Market Environment and Fundamental Analysis
As of mid-March 2025, VIC's market performance has shown significant improvement, with recent price volatility and a surge in trading volume. According to CoinMarketCap data, the latest VIC price is around $0.37, with a single-day gain of 89.55%. This uptrend is accompanied by a sharp increase in trading activity - the 24-hour trading volume has soared to around $119 million.
It is worth noting that VIC had reached a historical high in 2024, with TradingView data showing that on March 28, 2024, the VIC price once reached $1.3437, and then retreated with the market, falling to a historical low of $0.2134 on February 3, 2025. Overall, Viction's current circulating supply is about 120 million, accounting for 57% of the total supply, with a fully diluted market capitalization of around $70 million. This market cap is very small for a public chain, and has certain upside potential in a bull market, but is also vulnerable to short-term capital speculation.
Viction's direct competitors include some regional or specialized public chains, such as the influential KardiaChain and Coin98 Network in Southeast Asia, or those emphasizing low fees and high speed like Tron and Polygon (sidechain). Compared to Tron, Viction has stronger decentralized governance (Tron's super representatives are more centralized), and has introduced the innovative token payment mechanism; compared to Polygon and other sidechains, Viction as an independent mainnet has higher security and autonomy.
In terms of emerging public chains, some recent projects like Aptos, Sui, and Sei have made impressive progress in capital and technology, but these projects are mostly still in the early stages of ecosystem cultivation. Viction, after years of development, has already established a certain user base and functionality (DEX, privacy protocols, etc.), with an advantage in maturity. Furthermore, as Viction originated from the early TomoChain community, it has brand recognition in the Vietnamese and Asian markets, giving it a leading position in local market competition.
However, it is also necessary to see that Viction's current market capitalization and user scale are relatively limited. To break through globally, it needs to continuously expand the ecological application landing and compete with the network effect of major public chains. At the same time, the rise of Layer2 solutions (such as Ethereum Rollups) also poses a threat to small Layer1: when Ethereum reduces Gas fees through the second layer, the advantage of zero Gas may be weakened. Therefore, Viction should give full play to its characteristic positioning and community foundation in the competition, and consolidate its niche market through technical iteration and market promotion.
To buy or not to buy
In March 2025, Binance officially announced that it will list the VIC/USDT perpetual contract, with a maximum leverage of 75 times, and the trading will start at 1 am Beijing time on March 13. This news has had a multi-faceted impact on the market performance of the Viction project and the VIC token. So, what is the investment potential of the VIC token?
First, as one of the few public chains with years of technical accumulation and still actively iterating, Viction's market capitalization of around 70 million must be undervalued, and there is still room for upside compared to the functions it provides and the problems it solves (scalability, zero fees). In addition, Viction has received investment from institutions such as DWF Labs and support from platforms such as Binance, indicating that there are strong capital players behind it.
Secondly, Viction has relatively strong policy and network advantages in Vietnam and Southeast Asia. The Vietnamese government has been encouraging blockchain innovation in recent years, and it is not ruled out that Viction will participate in more government or enterprise-level blockchain infrastructure construction in the future, which will greatly expand its application prospects. Moreover, from the perspective of the cryptocurrency market cycle, public chains and infrastructure tracks have always been the hotspots that bull market capital chases. If the next market cycle starts, public chain platforms like Viction with products and users may achieve excess returns. Its distinctive zero Gas model may also become a selling point, attracting more users to "vote with their feet" to migrate and drive the prosperity of the ecosystem.
The good aspects have been reviewed, now let's look at the bad aspects. VIC's investor is DWF, and DWF has both investment and market-making businesses. The projects invested by DWF generally also participate in market-making. DWF's market-making style is to pull up the price sharply and then dump it to the bottom, and most of the projects DWF market-makes often end up going to zero, which is a hidden danger for VIC. VIC has had violent historical fluctuations, with a drop of more than 80% in value within a year, which is high risk for short-term investors.
In addition, the Layer1 public chain track where Viction is located is severely overcrowded. After Ethereum reduces fees and improves performance through Layer2 technology, it may re-attract the vast majority of users and developers, squeezing the space left for independent public chains. Furthermore, other L1s like Solana have also established huge ecosystems globally, and there is uncertainty about how Viction can break through. If it fails to continuously launch differentiated applications and expand its user base, the project's popularity may decline. The recent performance of other non-EVM L1 public chains similar to Viction, such as CKB, INJ, and Canto, has not been very good.
On the other hand, technical and governance risks need to be noted. Although it adopts a 150-node PoSV, if VIC token holding is too concentrated, the election of main nodes may be manipulated by large holders, and the network governance may tend to be centralized. Especially the newly added 80 million ecological tokens are currently held by the foundation, which is a concern for investors.
In summary, Viction is a L1 public chain with unique technical selling points and ecology, and its market capitalization of 70 million is indeed relatively low. We know that the market capitalization of a non-top L1 public chain is generally between 500 million and 1 billion US dollars. However, as the Gate.io research report pointed out: "VIC's strengths lie in its efficient PoSV consensus, transparent governance, and good incentives, but its high dependence on main nodes may also bring centralization concerns if the token distribution is imbalanced." Especially in a poor market environment, when even BTC has not seen a bottom, for VIC, even if it has some potential, the best strategy seems to be just to watch.
