VeChain

VET is the coin of VeChain, a proof-of-stake blockchain for supply-chain apps, staked to secure the network and generate the VTHO gas token.

VeChain is a public blockchain aimed at business and consumer uses such as product tracking, supply chains and rewards for sustainable actions. Its network, VeChainThor, launched on 30 June 2018. VET replaced the earlier VEN token at 100 VET for each VEN. The project is run by VeChain Foundation, whose San Marino company, led by CEO Yang Lu, published VET's European (MiCA) white paper.

VeChain uses two tokens. VET is the main coin: it is transferred between users and staked to secure the network. VTHO (VeThor) pays transaction fees. VET has a fixed maximum supply of about 86.7 billion; about 86.0 billion were circulating on 27 September 2026. The base part of every fee is burned.

In December 2025 the Hayabusa upgrade replaced the old Proof of Authority system with Delegated Proof of Stake. Validators must stake at least 25 million VET, and smaller holders lock VET in StarGate and delegate it to a validator. New VTHO is now created only for staked VET, and when a validator has delegators, they receive 70% of its block rewards. Before Hayabusa, every VET balance produced VTHO just by being held.

In September 2026 the Interstellar upgrade brought the network's Ethereum-compatible virtual machine up to date with Ethereum's Cancun, Prague and Osaka releases. Activity is modest: about 31,000 transactions a day in late September 2026. Decentralised finance on the chain is small, with no lending protocol listed by DefiLlama.