VeChain stands as a premier enterprise-focused blockchain platform, delivering robust Blockchain-as-a-Service (BaaS) solutions that enhance supply chain management, data authenticity, and business process efficiency. By utilizing distributed ledger technology, VeChain enables a transparent, trust-free ecosystem designed for real-world commercial applications. The native cryptocurrency of the VeChainThor blockchain is VET, which is used to conduct transactions and access services across the network.
Understanding VeChain and Its Core Features
VeChain aims to bridge the gap between blockchain technology and business operations. It provides companies with the tools to improve product lifecycle management, combat counterfeiting, and streamline complex logistical workflows through immutable record-keeping.
Key elements of the VeChain ecosystem include:
- VET Token: Functions as the value-transfer medium within the network.
- VTHO (VeThor Token): Used to pay for transaction fees and smart contract execution, generated by holding VET.
- Governance: Overseen by the VeChain Foundation, which supports development, community engagement, and network security.
This dual-token system ensures efficient and predictable transaction costs for enterprises, making it suitable for large-scale adoption.
Real-Time VET Market Data and Performance
Staying informed about live market conditions is essential for understanding VET’s position in the crypto landscape. Below is a summary of its key metrics:
- Current Price: $0.020700
- All-Time High: $0.267737
- Market Capitalization: $1.6 Billion
- 24-Hour Trading Volume: $25.0 Million
These metrics reflect the token’s liquidity, investor interest, and market stability. For those looking to track or analyze real-time cryptocurrency data, consider tools that offer advanced charting and market insights. 👉 Explore real-time market tracking tools
VET Tokenomics and Supply Overview
VET has a maximum supply of 86.712 billion tokens, with approximately 80.985 billion currently in circulation. The token underwent a rebranding from VEN (VeChain) to VET, accompanied by a 1:100 token swap, enhancing its usability and decimal flexibility.
Important metrics include:
- Circulating Supply: 80.985 Billion VET
- Max Supply: 86.712 Billion VET
- Market Cap Dominance: Represents a notable share within the logistics and IoT blockchain niches.
Historical Context and ICO Details
VeChain conducted its Initial Coin Offering (ICO) in August 2017, laying the foundation for its future development:
- ICO Price: $0.00085 per token
- Funds Raised: Although the exact total is undisclosed, the project successfully secured necessary funding for development.
- Token Type: Non-mineable, pre-mined asset.
Since its inception, VeChain has evolved into a leading blockchain platform with established partnerships across various industries, including luxury goods, agriculture, and automotive.
Market Liquidity and Trading Insights
Liquidity is a crucial factor for any tradable asset. VET maintains healthy market depth, with buy and sell orders providing stability:
- Buy Support: $4.0912 Million
- Sell Pressure: $2.8309 Million
This liquidity allows traders to execute orders with minimal slippage, making VET accessible on major exchanges.
Use Cases and Adoption Drivers
VeChain’s technology is being applied in numerous sectors:
- Supply Chain Tracking: Ensuring authenticity and transparency from production to delivery.
- IoT Integration: Connecting physical devices to the blockchain for automated data logging.
- Sustainability Initiatives: Carbon footprint tracking and ethical sourcing verification.
These applications demonstrate VeChain’s practical utility beyond speculative trading.
Frequently Asked Questions
What is VeChain (VET) used for?
VET is the primary economic unit within the VeChain ecosystem, enabling transactions and generating VTHO for network fees. It supports enterprise applications like supply chain verification and data authentication.
How does VeChain differ from other blockchains?
VeChain is specifically designed for business integration, offering tailored BaaS solutions, a dual-token model for cost stability, and strong governance through its foundation.
Is VET a good long-term investment?
While market conditions vary, VeChain’s real-world partnerships and focus on enterprise adoption provide a use case that extends beyond pure speculation. Always conduct personal research before investing.
Where can I buy and store VET tokens?
VET is available on major cryptocurrency exchanges. It can be stored in compatible wallets, including official VeChain wallets, hardware wallets, and supported multi-asset platforms.
What was the VEN to VET token swap?
VeChain rebranded from VEN to VET and executed a 1:100 token split, meaning each old VEN token was converted into 100 new VET tokens, improving granularity and usability.
Does VeChain have staking?
While VeChain doesn’t have traditional staking, holding VET in a supported wallet generates VTHO tokens, which can be used or traded, providing a form of yield for holders.
Closing Thoughts on VeChain’s Market Position
VeChain remains a significant project in the enterprise blockchain sector, with a clear vision and growing adoption. Its live market metrics, combined with real-world utility, make it a noteworthy cryptocurrency for investors and industry observers. For those interested in deeper market analysis or trading tools, 👉 access live crypto market data here.