What is VeChain? VeChain is a public, enterprise-focused Layer 1 blockchain that connects verifiable real-world data with business processes, consumer applications and sustainability initiatives. Its native network, VeChainThor, supports smart contracts, uses an Ethereum-compatible execution environment and separates transaction costs from the primary value and staking asset through a two-token model.
VeChainThor uses Ethereum-style 0x addresses and supports familiar development tools and smart-contract patterns. Its architecture includes multi-clause transactions, which bundle multiple transfers or contract calls into one transaction, multi-task transactions for more complex operations and meta-transactions that allow an application or business to pay fees for users. Blocks are produced at roughly 10-second intervals under the documented network specifications.
What is VeChain used for?
VeChain was originally associated with supply-chain traceability. Companies can record product manufacture, movement, inspection and sale data on VeChainThor and connect those records with NFC tags, RFID devices, sensors and other Internet-of-Things systems. Applications include provenance, anti-counterfeit checks, cold-chain monitoring, quality control, product authentication and digital product passports.
A major example is the blockchain-based food traceability platform developed by VeChain, Walmart China and PwC. The system allowed customers to scan products across more than 30 categories, including fresh meat and rice, and view information about origin, logistics and inspection reports.
The network has also expanded into sustainability. VeBetterDAO and its associated applications use blockchain records and incentive mechanisms for activities such as recycling, reuse, sustainable shopping, reduced use of single-use products and community clean-ups. These applications are based on “X2Earn” models, where verified real-world actions can receive digital incentives.
VET, VTHO and VeChain tokenomics
VET is the main economic asset of VeChainThor. It is used for value transfers, staking, validator collateral, delegation through StarGate and governance. The CoinStats snapshot records a circulating supply of 85,985,041,177 VET and a total supply of 85,985,041,177 VET. Official documentation describes the maximum supply as approximately 86 billion tokens, with no further VET creation planned.
VTHO, or VeThor Energy, pays for transactions, smart-contract execution and other computation. Separating VET from the gas token helps businesses budget for network operations without exposing every transaction cost directly to VET’s market price.
Before the Hayabusa upgrade, VTHO was generated automatically by holding VET. Under the post-Hayabusa model, VTHO generation is tied to VET locked through staking and is distributed to validators and delegators through StarGate. Transaction fees are partly burned, while transaction priority fees are paid to validators. VeChain’s 2026 manifesto states that the network produces 50% fewer VTHO overall and distributes generated VTHO solely to node holders staking through StarGate.
As of 1 October 2026 at 01:47 UTC, VET was priced at $0.00882, with a 24-hour change of +0.68%. Its market capitalization was $758.38M (rank #120), 24-hour volume was $18.52M, and its all-time high was $0.281, the current price is 96.86% below it.
Consensus and network security
VeChain initially used Proof of Authority 2.0, with 101 Authority Masternodes. Operators disclosed their identities to the VeChain Foundation and completed know-your-customer procedures, creating an accountability layer alongside the protocol’s technical controls. This model supported fast, predictable block production but was more centralized than open proof-of-stake networks.
The Hayabusa upgrade moved VeChainThor toward delegated Proof of Stake. The current structure has 101 validators responsible for proposing and validating blocks. A validator must stake 25 million VET as collateral, while other holders can stake VET through StarGate, mint a staking NFT and delegate that position to a validator. Validators and delegators receive staking-related VTHO rewards, while validators can also receive transaction priority fees.
Who is behind VeChain and where is it based?
VeChain was founded in 2015 by Sunny Lu, who is identified as co-founder and CEO and previously served as chief information officer of Louis Vuitton China. Jay Zhang is identified in the historical whitepaper as an early co-founder and chief financial officer with prior experience at PwC and Deloitte. Antonio Senatore is identified in current regulatory documentation as CTO, while technical contributors listed in project materials include Pedro Gomes and other engineering and infrastructure specialists.
The project’s early operations were associated with Shanghai, and the VeChain Foundation was historically established through a Singapore structure in 2017. VeChainThor launched on 30 June 2018, after which the original Ethereum-based VEN tokens migrated to the independent network and became VET.
Current regulatory documentation identifies VeChain Foundation San Marino S.R.L. as a limited-liability company incorporated on 7 June 2021 and headquartered in Domagnano, San Marino. Current official materials describe San Marino as VeChain’s headquarters, with teams and operations across Europe, Asia and the United States.
Partnerships, advantages and roadmap
The ecosystem includes VeWorld, a wallet for VeChainThor assets and applications, StarGate staking and VeBetter sustainability applications. Published initiatives and partnerships have involved Walmart China, PwC, DNV, BMW, Renault, LVMH, Bayer, BYD and Brightfoods. Their status varies between production deployments, partnerships and proof-of-concept projects.
VeChain’s main competitive features are its VET and VTHO separation, EVM compatibility, batch transactions, sponsored transaction support, on-chain governance and focus on business data rather than financial applications alone. The public blockchain can preserve submitted records, although the accuracy of the original data still depends on the companies, sensors and systems supplying it.
The VeChain Renaissance roadmap includes Galactica, which targeted EVM improvements, and Hayabusa, which introduced staking, delegation and revised VTHO economics. The next phase, Interstellar, targets Ethereum Cancun, Prague and Osaka upgrades through VIP-255, along with JSON-RPC capabilities and broader interoperability. VeChain’s 2026 development focus also includes VeBetter expansion, improved developer tools and applications for AI agents and enterprise systems.