What is VeChain?

VeChain, established in 2015, is a blockchain platform focused on sustainability and aims to facilitate Web3 adoption. It operates on the VeChainThor chain, which is designed for efficiency, enabling fast and low-cost transactions. The network has garnered partnerships with organizations such as UFC, BCG, and Walmart, and it supports over 2 million active users through various applications.

In 2024, the VeChain Renaissance upgrade was implemented, introducing compatibility with Ethereum, a delegated proof of stake (dPoS) consensus mechanism, and dynamic gas fees. This upgrade reduced inflation of the native token VTHO and introduced features such as StarGate NFT staking, allowing users to lock VET tokens to mint NFTs that can earn VTHO and be used for governance. The update also expanded the eco node structure, making it more accessible while providing incentives for higher staking levels.