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$VET went live on June 30th, 2018, as part of a two-token model. It is the blockchain’s value-layer, abstracted from the gas fee layer, and used for various network activities.
VeChain launched in 2015 to solve business problems with blockchain, initially focusing on counterfeit goods, product authentication and solving provenance gaps in supply chains. Walmart China, BMW, and PwC were among the first notable client to pioneer the technology. VeChain would later launch ‘VeBetter’, a rewards-powered sustainability app ecosystem focused on the B2C market.
The VeChainThor blockchain underwent two major upgrades in 2025: Galactica introduced an EIP-1559 style gas fee market with 100% base fee burns, while Hayabusa completed the transition to Delegated Proof of Stake (DPoS) consensus delivering increased protocol staking rewards & upgraded tokenomics.
$VET was launched on June 30, 2018.
VET is the primary utility and governance token of the VeChainThor blockchain, with a fixed supply of 86.7 billion tokens. It serves as the economic backbone of the network: staked VET secures the chain, powers governance decisions, and drives VTHO generation (the gas token consumed by every transaction). VTHO is generated as a function of total VET staked across the network, by both validators and delegators via StarGate.
VeChain's two-token architecture separates value storage (VET) from transaction costs (VTHO), helping shield usage fees from market volatility - structural advantages for builders operating at scale. A July 2025 protocol upgrade added an EIP-1559 style gas fee market with 100% base fee burns and a priority tipping system for validators, creating sustained deflationary pressure on VTHO supply as network activity grows.
