VeChain

VeChain is a public Layer 1 blockchain aimed at enterprise and real-world applications rather than at decentralized finance. Founded in 2015, with its network genesis in August 2017, it has concentrated on supply chain tracking, product authentication, sustainability reporting, and digital product passports.

The VeChainThor network is EVM compatible, so developers can use familiar Ethereum tooling, but its economic model differs in an important way. VeChain uses two tokens: VET is the network's native asset and staking collateral, while VTHO is used to pay transaction fees and execute smart contracts. Holding VET generates VTHO over time.

Why the dual-token model matters

On a single-token chain, the cost of using the network rises with the price of the token, which makes budgeting difficult for a business. Separating the store of value from the fee token insulates transaction costs from the asset's price movements. An enterprise holding VET generates the VTHO it needs to operate, making its running costs more predictable.

The network also supports native fee delegation, so a company can pay transaction fees on behalf of its users, and multi-clause transactions that bundle several operations into one.

Supply and ecosystem

VET has a maximum supply of 86,712,634,466 tokens, with roughly 85.99 billion in circulation, so the great majority is already issued. VTHO generation continues from VET holdings.

The ecosystem includes VeBetter, an application platform focused on sustainability incentives that rewards users for verified environmentally positive actions. VeChain has pursued enterprise partnerships as its main growth route, which means its progress is often measured in commercial agreements rather than on-chain activity.