• The VeFe developers received $4,500 through the EasyA hackathon to build a Dapp that rewards sustainable living on the VeChain network.
• The VeChain network has been working towards sustainable blockchain solutions, including reducing carbon emissions in agriculture and the food supply chain.

VeChain (VET) network has grown to be a vibrant smart contract and web3 ecosystem with dozens of projects already building on it. The mid-cap layer one blockchain, with around $2.2 billion in total value locked (TVL) and about $35 million in daily average traded volume, has more than 3.5 million recorded addresses and over 24k total smart contracts.

The VeChain network has distinctively focused on streamlining the global supply chain by reducing friction and enhancing better environmental protection ethos. For instance, the total carbon emission of the VeChainThor blockchain last year amounted to about 5,662.34 Kg and around 2,236 Kg year-to-date.

VeFe Dapp Brings Sustainable Living on VeChain

The EasyA hackathon, backed by the VeChain network and the BCG firm, recently announced the winners. The VeFe decentralized application (Dapp), developed by Northeastern computer science grad students, took the top position. 

The VeFe Dapp developers grabbed around $4,500 from the hackathon to enable them to build an ecosystem that automatically tracks users’ purchases, identifies eco-friendly transactions, and rewards users. Notably, the VeFe Dapp rewards users with the $B3TR tokens for their environmentally friendly choices, thus making the VeChain network a fun and sustainable blockchain for all users.

The VeFe Dapp competed with other projects such as PowerUp, ReviVe, Plumb, and GreenWise.

Development Activities

The VeChain network has made notable strides to ensure competitiveness amid the mainstream adoption of web3 protocols and digital assets. As Crypto News Flash reported, the VeChain network has successfully launched the VeBetterDAO mainnet, thus enabling seamless swapping of B3TR for VOT3. By design, VeChain’s VeBetterDAO rewards users for engaging in sustainable activities.

Last month, the VeChain team announced a strategic partnership with EvEarn.org to reward eco-friendly Tesla drivers. The VeChain network has also worked closely with the Boston Consulting Group (BCG) to pioneer sustainable blockchain solutions.

In a bid to streamline the global supply chain, the VeChain network has been working with companies such as BMW, Walmart China, PWC, Arket, BYD, and DHL, among many others.

Impact on VET Price Action

Amid the recent crypto bearish outlook, VeChain’s native coin VET had dropped over 22% in the past four weeks to trade around $0.02626 on Tuesday, July 2, 2024.

The altcoin has been trapped in a midterm correction phase after an impressive bullish breakout during the fourth quarter of last year that extended to the first quarter of 2024. On the weekly time frame, the VET price has closed the past two weeks below the 50 Moving Average (MA), suggesting a more bearish outlook ahead.

After dropping below the 0.618 weekly Fibonacci Retracement, the VET price against the US dollar will likely drop further towards $0.022 before establishing a solid support level to yield a macro rebound.

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