VeChain

VeChain is a public Layer-1 blockchain, launched in August 2017, built to serve enterprise and consumer applications in the real world rather than purely financial ones. Its primary focus is supply chain management, product provenance, sustainability tracking, and digital product passports — essentially allowing businesses and consumers to verify the origin and history of physical goods on-chain. The intended users range from large corporations tracking product authenticity to individual consumers earning rewards for verified sustainable actions through applications like VeBetter.

VeChainThor, the underlying network, runs EVM-compatible smart contracts and uses a dual-token model: VET is the native asset that holders stake to generate VTHO, and VTHO is the token actually consumed to pay transaction fees and execute smart contracts, separating the store-of-value function from the gas function. The network also supports fee delegation, meaning a third party can cover a user's VTHO costs, and multi-clause transactions, which bundle multiple operations into a single on-chain action. The consensus algorithm is not recorded in the available data, so no further mechanical detail can be confirmed here.

Transaction fees on VeChainThor are paid in VTHO, which is generated by holding and staking VET, so the fee burden falls on whoever consumes VTHO to interact with the network. The stored data does not include a protocol fee revenue figure, which means this site cannot present fee-based valuation ratios such as price-to-fees for VeChain. What is recorded is a total value locked of approximately 1,035,676 USD at the point-in-time measurement, against a market capitalisation of roughly 564,538,636 USD, producing a market-cap-to-TVL ratio of about 545. Stablecoin supply hosted on the network stands at approximately 9,843 USD at the same point-in-time snapshot, a notably small figure relative to overall market capitalisation.