What is VeChain?

VeChain is a blockchain project founded in 2015, focusing on sustainability and aiming for widespread adoption of Web3 technologies. It operates on the VeChainThor chain, which offers efficient transaction capabilities. The project has established partnerships with organizations including UFC, BCG, and Walmart, and supports over 2 million active users on its applications.

In 2024, VeChain launched the Renaissance upgrade, which provided compatibility with Ethereum and implemented a delegated Proof of Stake (dPoS) consensus mechanism along with dynamic gas fees. It also reduced VTHO inflation and introduced NFT staking features where users can lock VET to earn VTHO or participate in governance. The upgrade included new eco node tiers, facilitating broader participation while maintaining reward structures for higher levels of staking.