Overview
VeChain was founded by Sunny Lu, former CIO of Louis Vuitton China, and launched its own blockchain, VeChainThor, in 2018. It focuses on businesses: tracking products through supply chains, proving authenticity and measuring sustainability, with partners in retail, logistics and luxury goods. It also has a sports partnership with the UFC.
How it works
VeChain uses two tokens:
- VET, the main token, used to stake and store value;
- VTHO, generated by staked VET and used to pay transaction fees. This keeps fees predictable for businesses.
In December 2025, the Hayabusa upgrade moved VeChain to delegated proof of stake with 101 validators. Through StarGate, any VET holder can stake (receiving an NFT that represents the stake) and earn VTHO, without running a node. Validators earn 30% of block rewards.
The VET token
| VET at a glance | |
|---|---|
| Maximum supply | about 86.7 billion VET |
| In circulation (Oct 2026) | about 86 billion |
| Price (29 Oct 2026) | about $0.0063 |
| All-time high | about $0.28 (April 2021) |
| Market cap | about $540 million (#105) |
After Hayabusa, VTHO emissions fell by about 50%, since VTHO is now only generated by staked VET. Over 10 billion VET was staked within months.
Risks
- Low usage. VeChain’s DeFi and consumer activity are small.
- Enterprise pace. Business projects often remain pilots.
- Large supply. Almost all of the 86 billion VET already circulates.
VeChain vs. the competition
| VeChain | Hedera | XDC Network | |
|---|---|---|---|
| Focus | Supply chain, sustainability | Enterprise | Trade finance |
| Validators | 101 (DPoS) | Council of companies | Masternodes |
| Fee model | VTHO (from staked VET) | Fixed USD fees | XDC |
Our verdict
VeChain has a clear business niche and improved tokenomics after Hayabusa, letting all holders stake. But usage remains small and VET is far below its peak. VET is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.