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- Crypto Focus has named VeChain a leader for Layer 1 blockchains based on its history of achieving consecutive milestones in actual decentralized applications in the real world.
- VeChain’s VeSwap has also surpassed $1 million in TVL and gone beyond 500 million in VET trading volume, showcasing increased confidence and active liquidity of users.
Crypto Busy, a cryptocurrency educator, recently cited VeChain’s progress in Layer 1 blockchain technology in an X post, stating, “March’s updates reveal why $VET stands alone in the L1 space.” To validate that assertion, Crypto Busy listed some milestones that attest to VeChain’s leadership, namely supply chain management and regulation compliance.
In March, VeChain achieved MiCAR compliance, making its tokens, VET and VeThor Token (VTHO), fully recognized across all 27 EU nations, creating ideal conditions for VeChain’s sustainability-focused X-2-Earn ecosystem. This follows VeChain’s successful submission of VET and VTHO whitepapers to the European Securities and Markets Authority (ESMA).
Galactica Testnet and VeChain Renaissance
Crypto Busy also mentioned the launch of the Galactica Testnet, the first phase of VeChain’s Renaissance upgrade, which introduced four VeChain Improvement Proposals (VIPs) for network function upgrades.
The Dynamic Fee Market (VIP-2) implements an adaptive fee strategy that adjusts transaction fees based on network demand to create a more efficient pricing system, while Typed Transaction Support (VIP-252) standardizes transaction types, improving decentralized application (dApp) interaction and giving a better-structured system.
Shanghai EVM Upgrade (VIP-242) aligns VeChain’s Ethereum Virtual Machine (EVM) capabilities with Ethereum’s Shanghai upgrade, enhancing smart contract functionality and compatibility. Conversely, VIP-250 (Extension Contract v2 > v3) optimizes the extension contract mechanism, increasing the modularity and scalability of smart contracts for seamless network operations.
Before this upgrade, VeChain will launch the Early Bird Staking Program on July 1, with a 3 billion VTHO reward pool ($10 million) as an incentive for early adoption and to secure the network. Members will be eligible for frequent staking rewards in the new tokenomics, plus a one-time six-month bonus incentive before the Hayabusa launch.
VeChain’s Growth in Development & Adoption
Crypto Busy further identified the 165% hike in VeChain’s development activity as “making VeChain a top performer in builder metrics.” VeSwap, VeChain’s DeFi trading platform, also recorded some successes within DeFi at the same time, recording over $1 million TVL, overcoming over 500 million VET value worth trading volumes, and achieving over 200,000 users.
Other than DeFi, VeChain’s VeBetter ecosystem has been close behind with 1 million unique wallets and a staggering 55,000 wallets created in a single day, showing fast take-up.
Powering this drive is VeBetterDAO, an eco-focused dApp and DAO platform powered by B3TR and VOT3 tokens, that seeks to reward significant real-world change.
So far, the project has compiled over 8 million verified sustainability activities since its launch in 2024. Furthermore, CNF reported that VeChain has launched an incentive program for the VeBetterDAO Visa Card in order to drive spending of the B3TR token and support VeBetterDAO’s real-world usage. VET has experienced a minor 0.47% increase in the past 24 hours to $0.02178 while its trade volume has declined by 36.66%.
