#46 rank

VET to usd


BTC 0.000000519

24H VET price


+7.34 %

VET to USD converter

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VET market cap

The total market value of a cryptocurrency's circulating supply. It is analogous to the free-float capitalization in the stock market.

Market Cap = Current Price x Circulating Supply.


VET 24H trading volume

A measure of how much of a cryptocurrency was traded in the last 24 hours.


VET diluted market cap

The market cap if the max supply was in circulation. Fully-diluted market cap (FDMC) = price x max supply.

If max supply is null, FDMC = price x total supply


VET circulating supply

The amount of coins that are circulating in the market and are in public hands. It is analogous to the flowing shares in the stock market.


VET total supply


VET all time high


VeChain to USD chart



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Live VeChain Price Today

The live VeChain price today is $0.0370 as of 5/21/2024, with a 24-hour trading volume of $77,394,657.

VeChain's price is up 7.34% in the last 24 hours.

Currently, VeChain ranks 46 out of 38320 coins according to CryptoMarketCap.

VeChain has a live market cap of $2,687,361,707, a circulating supply of 72,714,516,834 VET coins and a maximum supply of 86,712,634,466 VET coins.

Want to find the best place to buy VeChain at the current price?

The top cryptocurrency exchanges for buying and selling VeChain coins are currently Binance, Upbit, Changelly PRO, KuCoin, DigiFinex. You can find other markets listed on our crypto exchanges page.

What is VeChain (VET)?

VeChain is a blockchain technology platform specializing in asset digitization. It provides enterprise-grade and supply chain solutions.

Many of the top projects in the cryptocurrency industry focus on providing borderless financial services and at least ideologically target individuals. VeChain, however, aims for mass business adoption.

VeChain boasts several major partnerships with industry behemoths, such as BMW, Walmart, Bayer, and PricewaterhouseCoopers.

On top of that, VeChain technology has been applied to many fields, including medical, energy, carbon, logistics, FMCG, gaming, and NFTs.

By using VeChain technologies, companies can optimize supply chains in many ways. This includes real-time monitoring and verification of goods and materials through every stage of production, storage, and delivery.

When Was VeChain Launched?

VeChain was founded in 2015 as a subsidiary of BitSE, a Chinese blockchain company.

Originally a private consortium chain, VeChain made its way to the public via VEN, an ERC-20 token on the Ethereum blockchain.

In 2018, VeChain deployed its own blockchain and rebranded VEN to VET, which stands for VeChainThor, the name of its blockchain.

The initial aim of the fresh-look project was to create disruption in the supply chain industry and become an Internet of Things (IoT) intermediary.

VeChain was also meant to provide a public platform for the deployment of decentralized applications and initial coin offerings (ICOs).

Who are the Founders of VeChain?

VeChain was created by Sunny Lu, the former Chief Information Officer of Louis Vuitton China.

An IT executive with 20 years of experience in Fortune 500 companies, Lu launched the VeChain project in 2015 and officially founded VeChain in 2017.

Lu is one of the pioneers of enterprise blockchain and proposed the idea that “blockchain adoption is driven by business needs.”

Jay Zhang, head of VeChain’s global corporate structure, governance, and financial management, is also credited as a co-founder of VeChain.

How Does VeChain Work?

VeChain’s suite of products and services is powered by its own blockchain, named VeChainThor.

Launched in 2018, VeChainThor uses a two-token economy to power an ecosystem of decentralized applications that are built using smart contracts.

A blockchain is a decentralized public ledger used to record data. A single block in the blockchain is simply a set of data that records information about transactions taking place on the network. Moreover, it has a unique identifier.

This unique identifier is what makes a blockchain tick. It is a cryptographic hash of the previous block in the chain, which creates the characteristic of immutability. If something about the previous block is changed, then so does the hash.

As a result, blocks can be traced backward sequentially and their information can’t be tampered with or changed. This creates many valuable use cases for blockchain technology.

Smart contracts, meanwhile, are pieces of code deployed on the blockchain that execute certain actions when predefined conditions are met. They can be read by all, but can’t be changed.

Because smart contracts can’t be changed once deployed and can be audited before engaging with them, blockchain technology allows complex transactions to be conducted trustlessly.

What Makes VeChain Unique?

One of VeChain’s simplest and yet cleverest innovations is the use of a two-token economy. Simply put, this means that one token is used as a store and transfer of value, whereas the other is used to pay for transaction fees.

While this isn’t exactly unique in the blockchain industry (the NEO blockchain does something similar with its GAS token), it does have the benefit of separating market volatility from the cost of actually using the network.

This is a significant departure from the dominant smart contract platform, Ethereum. Ethereum gas fees can become extremely prohibitive since the native token ETH is used both as a medium and store of value as well as for gas payment.

VeChain also gives enterprises the ability to add transparency to their operations and eliminate information corruption. This is in large part due to its strategic operational auditing and certification partners, PwC and DNV.

The VeChain ToolChain is one of its main product offerings. It delivers blockchain-as-a-service, platform-as-a-service, and software-as-a-service to help businesses deploy services with low turnaround times.

BaaS is notable for more traditional, blockchain-shy companies. It enables them to simply pay in fiat currency while VeChain’s blockchain and smart contracts go to work in the background.

VeChain is also one of the pioneers of enterprise NFTs, or the use of non-fungible tokens for businesses.

Traditional businesses are seeing the value of NFTs in domains ranging from fashion to creative content marketplaces. As such, in 2018, VeChain released the VIP-181 token standard that created many varied use cases.  One such use case was VeChain’s strategic partner and auditing giant DNV starting to issue certificates as NFTs on the VeChainThor blockchain.

How is the VeChain Network Secured?

The VeChainThor blockchain is secured by a proof-of-authority (PoA) consensus algorithm that uses a network of over 100 Authority Masternode (AM) operators.

These AM operators are fully vetted and approved by the VeChain Foundation, which is designed to reduce the risk of the AM operators acting in bad faith. At the same time, it creates an aspect of centralization.

These trusted AM operators maintain the protocol and uphold governance policy as they process transactions on the network.

In November 2021, the VeChainThor mainnet was upgraded to what the VeChain Foundation calls PoA 2.0. 

It is characterized as a secure, use-case adaptive, and relatively fork-free approach to chain extension. PoA 2.0 attempts to combine Byzantine Fault Tolerance and Nakamoto Consensus.

This upgrade follows and is based on a paper published in February 2020 by VeChain Chief Scientist Dr. Peter Zhou and VeChain Senior Blockchain Researcher Dr. Zhiejie Ren.

What is the Use of VET?

VET, standing for the name of the blockchain VeChainThor, is the token used in VeChain’s two-token economy for the transfer of value.

Transactions on VeChainThor-based dApps use VET, and it is also the main token used for investment. Authority Masternode operators must also possess a certain amount of VET to retain their role.

What’s more, VET is also used in network governance. Voting power is granted based on the type of node being run, vetting status, and the amount of VET held by the node.

Finally, VET is also a vehicle for earning passive income, with holders automatically generating VTHO over time by just storing VET in their wallets.

What is VTHO?

VTHO, the second token used by the VeChainThor blockchain, stands for VeChainThor Energy, or VeThor Energy.

Its primary use is for transacting on the blockchain. VTHO is mainly used to pay transaction fees and smart contract execution costs.

When fees start to get too expensive, the VeChain Foundation and Steering Committee can step in and adjust the minimum amount of VTHO needed to transact.

Despite creating a very high degree of centralization, this aspect allows the use of the network at fair and appropriate prices.

Who Controls VeChain?

VeChain is controlled and developed by the VeChain Foundation, headed by its founder, Sunny Lu. VeChain’s co-founder, Jay Zhang, is its VP of Finance, in charge of global corporate structure.

Other notable executives include VP of R&D Dr. Peter Zhou, VP of Technology Jianliang Gu, VP of Operations Yanyou Chen, and Chief Blockchain Architect Bin Qian.

How Much VET and VTHO Are In Circulation?

VeChain held an ICO for its then VEN token on Ethereum in 2017 and raised over $60 million to fund the development of the VeChainThor blockchain. The token became VET once it moved to its own blockchain.

VeChain has implemented a maximum supply of over 86 billion VET, with over 72 billion VET in circulation.

VTHO, meanwhile, is derived from VET. In order to process transactions on the blockchain, a fraction of a VTHO token is created for each VET token that is added to the block. A maximum supply, as such, is not defined.

How Do You Buy VET?

VET can be purchased on many major exchanges, although its listing on US exchanges as of mid-2022 remains relatively limited.

However, as a well-established, large-cap cryptocurrency, VET comes with many pairs when available, including BTC and ETH, major stablecoins, and several fiat pairs as well.

Is It Possible to Buy VET Instantly?

Exchange trading is usually instant irrespective of the cryptocurrency in question, and that holds true for VeChain as well.

While the VeChainThor blockchain itself is fast, it does not get engaged when purchasing within a trading account.

Decentralized exchanges, which do exist for VeChain, are a different story. 

Liquidity may be limited as the ecosystem continues to mature. However, VeChain relies on a limited number of Authority Masternodes for validation rather than the entire network, so transactions are extremely fast.

How Do You Store VET and VTHO?

You can store VET on an exchange account, although the actual wallet it resides in is that of the exchange itself.

This doesn’t matter to most retail investors, although it is worth making sure that you’re receiving VTHO for holding VET on the exchange like you would in a private wallet.

Private wallets themselves come in two forms:

  • Cold wallets. These wallets don’t connect to the internet. This provides a certain level of safety from online hacks since a hacker can’t access a piece of paper or a device that’s always offline.
  • Hot wallets. Hot wallets connect to the internet. While in some ways not as safe as cold wallets, these wallets tend to be a little more convenient and easy to use. They come in the form of either simple desktop clients or browser plugins.

VeChain Energy Consumption

VeChain can boast a lower than average carbon footprint thanks to its proof-of-authority consensus that trades an element of centralization for a lot of benefits.

One of these benefits is the reduced amount of energy required per transaction. Working with the Centre Testing International Group, VeChain released the results of a 2021 study that quantified its annual energy consumption at 2.4% of the power required to mine a single Bitcoin.

According to the report, the VeChainThor blockchain only consumes 7581 kWh per year.

Is VeChain a Good Investment?

VeChain is an established blockchain project and one that has seen significant adoption in its niche.

While that niche itself is a very particular one, being mainly supply chain management, it is of universal interest. VeChain has very firmly established itself as the pioneer of this space.

Although several major corporations have adopted VeChain’s products and technology, there is potential for many, many more. This is especially true because VeChain’s product offerings include options that are more palatable to companies on the traditional end of the spectrum.

The relative centralization and trust placed in both the foundation and system of Authority Masternodes may in fact be viewed favorably by VeChain’s target market. However, centralization tends to be a very big “con” in the eyes of many diehard crypto enthusiasts.

Investing in the VET token is also of questionable benefit to the individual, given that its main use is for masternode operators.

However, as adoption reaches critical mass, the VET token might become increasingly expensive because a significant amount of it needs to be held by AM operators.

Ultimately, investing in VET may come down to trusting the VeChain Foundation. It has the power and authority to change the monetary policy of the network and most other critical facets without very much opposition at all.

About VET

  • Category Infrastructure
  • Coin Type Native
  • Proof Other
  • Hash -
  • Total Supply 86716263400
  • Holders -
  • Inflation Secondary Token Issuance
  • Hard Cap 86716263400
  • Mineable No
  • Premined No
  • ICO Price (USD) $0.000722
  • ICO Price (ETH) -
  • ICO Price (BTC) 0.00000240533
  • ICO Start Date 8/1/2017
  • ICO End Date 9/1/2017
  • Total USD Raised $20,000,000


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