VeChain Price

What Is VeChain (VET)?

VeChain (VET) is a blockchain platform designed for enterprise use cases and commercial applications. Underlying the VeChain ecosystem of apps and development tools is its blockchain network, VeChainThor, which is built on a modified version of Ethereum.

VeChain started with a heavy focus on the supply chain industry. Over time, it added clients from a variety of other industries as well. The blockchain’s core value remains its ability to help businesses track and verify information along their supply chains. Examples of VeChain’s real-world applications include verification of luxury product authenticity, tracking of individual vehicle mileage data and food quality control in supermarket supply chains.

VeChain uses a consensus model called proof of authority (PoA), in which validator nodes receive block processing privileges based on their identity, network behavior history and credentials. Validators, called Authority Masternodes on the platform, must provide the VeChain Foundation with information about their identities and lock at least 25 million VET, the platform’s main crypto coin, to earn block processing rights.

VeChain uses a two-coin model. The chain’s main cryptocurrency, VET, is used largely for governance and value transfers, while a second coin, VTHO, is used for underlying gas fees. 

Vechain Price (VET)

The VET coin was launched in late July 2018, trading at $0.025. Over the following few months, the coin dipped below the 1-cent line and remained there until July 2020. In the second half of 2020, VET slowly rose to reach 2 cents by the end of the year. 

In early 2021, the VET coin experienced a rapid rise, climbing to an all-time high of $0.28 on April 19, 2021. Having spent just a few weeks at plus-20-cent levels in April and May 2021, VET crashed in mid-2021, nosediving to less than $0.06 by July. The coin then rose to hit another local maximum, $0.17, in November 2021.

When the cryptocurrency market crashed in November 2021, VET entered a prolonged period of decline, dropping below 10 cents in December 2021 and below 5 cents in May 2022. VET has remained below these levels since then.

What Is VET Used For?

VET is used as VeChain’s governance coin. It’s also used on the chain as the main cryptocurrency for value transfers and storage. 

Holding VET automatically generates VTHO at 0.000432 VTHO per VET each day. VET coins may also be staked on the platform to earn more VTHO from the block processing activity. 

Vechain Tokenomics (VET)

The VET coin has a maximum supply of 86.7 billion. The coin’s supply distribution shares are as follows:

• 41% — Crowdsale
• 22% — Operation Development
• 13.28% — Burn
• 9.72% — Enterprise Investors
• 9% — Private Investors
• 5% — Project Team

Who Is the Founder of VeChain? 

VeChain was founded by two Chinese technology entrepreneurs, Sunny Lu and Jie Zhang. Lu is the CEO of VeChain, while Zhang, now a partner of VeChain, previously served as the CFO.

How to Store VeChain (VET)

Software wallets to store VET coins include VeChainThor Wallet, Sync2, Trust Wallet, Atomic Wallet and SimpleHold. If you prefer the security of hardware wallets, commonly used brands for VET include Ledger and Cobo Wallet.

Where to Buy VeChain (VET)

You can buy VET from any top crypto exchange, including Bybit. On Bybit, you can trade VET as a USDT perpetual (VETUSDT) in the derivatives market.