- VeChain recorded multiple milestones in February, including protocol upgrades, technical advancements, and partnerships.
- Seven million sustainable on-chain better actions were recorded in February, with 118k daily actions captured on Cleanify.
VeChain (VET) had its monthly gains reduced by a considerable margin, printing a negative return of 19% on the price chart to position the price at $0.029. However, several technological milestones were achieved in February with many in the pipeline.
In a recent post on X, a renowned analyst named CryptoBusy compiled a list of these milestones to underscore the team’s relentless effort to cement the ecosystem’s dominance.
Protocol Upgrades
Firstly, there were major protocol upgrades within the month. According to the post, a new governance structure and a dynamic gas fee were introduced.
As mentioned in our previous report, this followed the 99.88% approval of VeChain’s Galactica upgrade proposal that sought to introduce a foundational upgrade to VeChainThor. These also form part of the much anticipated VeChain Renaissance upgrade which is expected to enhance tokenomics and governance. Meanwhile, the VeChain Proof of Authority (POA 3.0) is being implemented to democratize decision-making while improving inclusivity, as featured in our recent coverage.
Technical Advancements
In February, the VeChain team embarked on a privy integration to simplify the onboarding of users. Additionally, work was done on the VeWorld self-custody mobile wallet, making it open-source. VeChain also launched the VeChain Builders project while fully integrating VeSwap and BetterSwap into the official block explorer of the network, VeChain Stats.
VeBetter Ecosystem
Highlighting some of the key achievements of the VeBetter ecosystem, CryptoBusy pointed out the launch of Venus GM NFT, the fourth tier of the VeBetterDAO’s cosmic Voyage. As explained in our last news brief, Venus GM NFTs have an extra reward ratio where individual holders get more governance rewards after voting.
Also, there were seven million on-chain sustainable better actions while more than 118k daily actions were recorded on Cleanify. Within the period, Tesla drivers were reported to be able to earn rewards in crypto for sustainable charging while the team also launched the Automated proof-based earnings and distribution for B3TR.
Partnerships and Adoptions
According to CryptoBusy, VeChain became the inaugural presenting partner of the first “TKO Takeover” to feature UFC, WWE, and PBR. It also secured a US patent through NanoJClean. Above all, it received a notable mention in a journal article titled “Blockchain-based Cybersecurity in Supply Chain’ under Strategic Data Management and Innovation.”
Market Indicators
Apart from the above-listed milestones, VeChain was reported to have recorded an increasing level of social activities. This was reported to have been triggered by the sentiment around the improved tokenomics, which pushes inflationary pressure on VTHO and staking rewards to 12.8% APY. Meanwhile, the VTHO inflation is expected to drop by 72%, with an annual value inflation starting point of 6%. As featured in our recent coverage, the annual inflation would reach 2.9% once the total amount of tokens staked reaches 60 billion VET.
