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
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Key facts
- Ticker
- VET
- Category
- Layer 1 blockchain
- Network
- token on VeChain
- Launched
- 2017-08
- Official site
- vechain.org
- Source code
- 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
- Docs: docs.vechain.org
- Docs: docs.stargate.vechain.org
- Block explorer: explore.vechain.org
- Source code: 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
- VeChain Docs — Introduction to VeChain
- VeChain Docs — About the VeChain blockchain
- VeChain Docs — Governance
- VeChain Docs — Dual-Token Economic Model
- VeChain Docs — VeChain (VET)
- VeChain Docs — VeThor (VTHO)
- StarGate Docs — Overview
- StarGate Docs — Validators
- VeChain — From PoA to DPoS: A Network Powered by You
- GitHub — vechain/thor releases (v2.5.0 Interstellar, 3 September 2026)
More in this section
Related
- Ethereum Classic (ETC)
- Hedera (HBAR)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Cardano (ADA)
- Solana (SOL)
- XRP
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