[Crypto projects](https://revain.org/projects/) › VeChain

# VeChain (VET): how it works, supply and reviews

Layer 1 blockchain

## In short

- **Type**: Public layer-1 blockchain (VeChainThor) with EVM-compatible smart contracts
- **Maximum supply**: 86,712,634,466 VET, fixed; no new VET is created
- **Risks and caveats**: Block production is limited to 101 validators, each staking at least 25 million VET.
- **Checked**: 1 November 2026

## Key facts

- **Ticker**: VET
- **Category**: Layer 1 blockchain
- **Network**: token on VeChain
- **Launched**: 2017-08
- **Official site**: [vechain.org](https://www.vechain.org)
- **Source code**: [github.com/vechain/thor](https://github.com/vechain/thor)

Data: CoinGecko, 2026-10-27. Only projects that still trade with meaningful volume are listed.

## What is VeChain

VeChain is a public blockchain ecosystem built around VeChainThor, a layer-1 smart contract platform aimed at enterprise and sustainability use cases. It uses two tokens: VET, the value-transfer and staking token, and VeThor (VTHO), which pays transaction fees.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Public layer-1 blockchain (VeChainThor) with EVM-compatible smart contracts |
| Consensus | Delegated proof of stake since the Hayabusa hard fork, with 101 validators; previously proof of authority with 101 KYC-vetted Authority Masternodes |
| Launched | Genesis block in June 2018 |
| Block time | About 10 seconds on average |
| Smart contracts | Yes; VeChainThor builds on Ethereum components and runs the Ethereum Virtual Machine |
| Validators | Validators stake at least 25 million VET; other holders delegate through StarGate NFTs |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 86,712,634,466 VET, fixed; no new VET is created |
| Issuance | VTHO (the gas token) is generated each block as a function of the total VET staked |
| Fee burn | The base fee of each transaction, paid in VTHO, is burned; the priority fee goes to the block proposer |
| Staking rewards | Since Hayabusa, only staked VET generates VTHO; before, every VET holder generated VTHO |

## What VET is used for

- VET: value transfer on VeChainThor.
- VET: staking as a validator or delegator to secure the network and generate VTHO.
- VET: voting in on-chain governance (validators and StarGate NFT holders).
- VTHO: paying transaction fees (gas).

## Who develops and governs VeChain

- **Founders**: Sunny Lu (2015)
- **Foundation**: VeChain Foundation
- **Headquarters**: San Marino
- **Governance**: On-chain voting on VeVote by validators and StarGate node holders; the earlier steering committee has been deprecated
- **Open source**: Yes; the Thor client and tools are public on GitHub

## History

| Date | Event |
|---|---|
| 2015 | VeChain founded by Sunny Lu. |
| June 2018 | VeChainThor mainnet genesis block mined. |
| December 2025 | Hayabusa hard fork moved consensus from proof of authority to delegated proof of stake and launched StarGate staking. |
| 3 September 2026 | thor v2.5.0 "Interstellar" released, a mandatory upgrade that schedules the Interstellar hard fork (VIP-255) for mainnet block 25,902,540 (about 16 September 2026), bringing Ethereum's Cancun, Prague and Osaka EVM changes to VeChainThor. |

## Security and audits

- VeChain reports no hacks of its consensus mechanism and uninterrupted operation since the 2018 genesis block.
- Validators that fail to produce blocks for seven consecutive days are removed by the protocol.

## Risks and caveats

- Block production is limited to 101 validators, each staking at least 25 million VET.
- Governance proposals are created by whitelisted accounts, and passed proposals are executed through off-chain steps.
- Holding VET no longer generates VTHO; only staked VET does.

## Official links

- Website: [vechain.org](https://vechain.org/)
- Docs: [docs.vechain.org](https://docs.vechain.org/)
- Docs: [docs.stargate.vechain.org](https://docs.stargate.vechain.org/)
- Block explorer: [explore.vechain.org](https://explore.vechain.org/)
- Source code: [github.com/vechain](https://github.com/vechain)

## Questions and answers

**What is VeChain?**

VeChain is a blockchain ecosystem built on VeChainThor, a layer-1 smart contract platform. It uses VET for value transfer and staking and VTHO for transaction fees.

**Who created VeChain?**

VeChain was founded in 2015 by Sunny Lu and is headquartered in San Marino.

**What is the maximum supply of VET?**

The VET supply is fixed at 86,712,634,466; no new VET is created. VTHO is generated separately for staked VET.

**How does VeChain reach consensus?**

Since the Hayabusa hard fork VeChainThor uses delegated proof of stake with 101 validators. It previously used proof of authority with KYC-vetted Authority Masternodes.

## Sources

- [CoinGecko — VeChain](https://www.coingecko.com/en/coins/vechain)
- [VeChain Docs — Introduction to VeChain](https://docs.vechain.org/introduction-to-vechain)
- [VeChain Docs — About the VeChain blockchain](https://docs.vechain.org/introduction-to-vechain/about-the-vechain-blockchain)
- [VeChain Docs — Governance](https://docs.vechain.org/introduction-to-vechain/about-the-vechain-blockchain/governance)
- [VeChain Docs — Dual-Token Economic Model](https://docs.vechain.org/introduction-to-vechain/dual-token-economic-model)
- [VeChain Docs — VeChain (VET)](https://docs.vechain.org/introduction-to-vechain/dual-token-economic-model/vechain-vet)
- [VeChain Docs — VeThor (VTHO)](https://docs.vechain.org/introduction-to-vechain/dual-token-economic-model/vethor-vtho)
- [StarGate Docs — Overview](https://docs.stargate.vechain.org/)
- [StarGate Docs — Validators](https://docs.stargate.vechain.org/overview/validators)
- [VeChain — From PoA to DPoS: A Network Powered by You](https://vechain.org/from-poa-to-dpos-a-network-powered-by-you)
- [GitHub — vechain/thor releases (v2.5.0 Interstellar, 3 September 2026)](https://github.com/vechain/thor/releases)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/vechain/