About

VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Its goal is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens on the Vechain network. They are used to relay value across VeChain's network, as well as utilized to power smart contract transactions as energy or "gas."

History

VeChain is a multi-purpose enterprise blockchain for improving business operations and product tracking. VeChain blockchain development started in 2015 as a modified fork of Ethereum with a design focus on Internet of Things (IoT) and supply chain management. To date, VeChain has expanded their focus to multi-purpose functionality with customizable support for a range of enterprise uses. On-chain governance, cheap transaction fees, interoperability with non-blockchain technologies, and regulatory compliance are all priorities for VeChain core developers. VeChain wants to make all required information from manufacture to delivery (storage, transportation, and supply) available to all authorized parties for any enterprise business process that interacts with the VeChain Thor blockchain.

In March 2025, VeChain achieved MiCA Regulatory Approval and its VET/VTHO tokens were approved for compliant usage across the EU under MiCA, strengthening eligibility for future green and impact-focused ETFs.

In July 2025, VeChain has sucessfully completed its Galactica mainnet. In the same month, VeChain released the VeBetter platform - a new gamified platform, which supports consumer and brand engagement by rewarding tokenized proofs of RWAs.

In August 2025, Crypto.com announced that the VeChain Foundation has selected the platform to provide custody services and liquidity support for VeChain (VET) and VeThor (VTHO). Another key development was the listing of Valour Vechain ETP for exposure to institutional clients.

In September 2025, VeChain announced the launch of the Hayabusa Devnet, a testing environment for upgrades to the VeChainThor blockchain’s tokenomics and consensus mechanisms.

In October 2025, VeChain expanded access to 60M users through key partnerships with BitGo (custody) and Revolut (Learn & Earn program) expanded access to 60M users.