About VeChain (VET)
VeChain is a blockchain platform launched in 2015 by Sunny Lu and Jay Zhang, with a focus on enterprise solutions such as supply chain tracking and anti-counterfeiting. Initially operating as a private consortium chain using technologies like NFC, RFID, and QR codes, it transitioned into a public network after raising approximately $20 million in its 2017 ICO. The VeChainThor mainnet launched in 2018, marking the migration from the original VEN token to VET.
VeChain introduced VeBetter in 2024, an ecosystem of applications promoting sustainability through incentives for behaviors like waste reduction, EV usage, and fitness. As of 2025, VeBetter has over 50 applications and five million unique accounts. VeChain is currently in the second phase of its Renaissance roadmap, upgrading to a Delegated Proof-of-Stake (DPoS) consensus model, implementing JSON-RPC for interoperability, and aligning with MiCAR regulatory standards for compliance across the EU.
VET is the native token of the VeChainThor blockchain, a public Layer 1 network built to support enterprise and consumer applications. VeChain operates a dual-token model, where VET serves as the strategic asset for staking, governance, and value transfer, while VTHO is used to pay for transaction fees and smart contract operations.
Staking VET generates VTHO and supports network security through a DPoS model. Token holders can delegate VET to validators via the StarGate platform, which coordinates staking and governance. Operators must hold and stake VET to participate in consensus, reinforcing network reliability and security.
VET is used for several functions within the ecosystem. It underpins the platform’s governance structure, allowing holders to vote on protocol changes. It also acts as collateral and settlement value for decentralized finance (DeFi), sustainability-focused applications, and enterprise tools. Through VeBetter, VET facilitates token-based incentives linked to real-world behaviors, supporting VeChain’s push toward data-driven, measurable impact.
VeChainThor’s technical infrastructure supports Solidity smart contracts, multitask transactions, deterministic finality, and fee delegation. These features are aimed at improving enterprise adoption and regulatory compliance. With the Hayabusa upgrade, the network’s validators operate in a permissionless DPoS model, with VET as the primary staking asset.
Looking ahead, VeChain’s development centers around its Renaissance roadmap. This includes the expansion of the VeBetter ecosystem, increased validator decentralization, and further alignment with regulatory standards. VET remains central to these efforts as the asset responsible for governance, security, and participation across the ecosystem.
The total supply of VET is capped at 86.71 billion, with a circulating supply of 85.98 billion.
VET is listed on Binance for trade and purcahse. The current price of VET is available and updated in real time on Binance.