• VeChain noted that half of the #60Daysofvechain participants will join an in-person hackathon before the end of September.
• The VeChain blockchain has been used by Fortune 500 companies seeking to use digital products in enhancing traceability and transparency.

The VeChain (VET) network has grown to a mature ecosystem through its official layer one (L1) blockchain dubbed VeChainThor. As the worldwide economies morph through digital technology, the VeChain team has significantly invested in attracting Web3 developers, smart contract users, and Web2 enterprises. Amid the cryptocurrency bear market, the VeChain team has launched a string of new products to help onboard more users into the crypto market seamlessly.

Furthermore, more countries around the world have been enacting policies that help adopt the blockchain and cryptocurrency industry in a safe manner. Additionally, institutional investors led by hedge fund managers have increased their crypto exposure in the recent past. Nonetheless, the proper infrastructure to onboard billions of investors still lacks among most blockchains. As a result, VeChain has committed to bringing the best solution providers in the global Web3 developers’ community and connecting them with venture capitals to fruition the best ideas.

“The recent and ground-breaking Proof-of-Authority 2.0 upgrade, ‘SURFACE’, solidified chain’s technical prestige, combining the best features of the Nakamoto and Byzantine Fault Tolerance Consensus models to ensure transactions have deterministic finality with additional layers of security,” VeChain noted in a post.

VeChain Ecosystem Brings Together Developers

The VeChain ecosystem already has a platform dubbed Vorj.io meant to provide smart contract users with no-code access to Web3 services in addition to EVM compatibility. In a bid to take smart contract development to the next level, VeChain has partnered with EasyA, a leading Web3 learning application with over 500k global developers, to introduce a 60-day coding challenge dubbed #60Daysofvechain.

“This is no ordinary “Hello World.” We’re excited to be kicking off an extraordinary challenge for some of the most talented up-and-coming developers and we can’t wait to see the results,” VeChain highlighted.

Notably, the 60-day developer campaign will bring together about 500 developers aspiring to learn smart contract coding on the VeChain network. Ultimately, the #60Daysofvechain campaign will reward half of the best performers with an in-person hackathon in the next month. Additionally, the VeChain network in close partnership with EasyA will offer prizes for the best ideas to fruition.

Market Outlook

The VeChain DeFi ecosystem currently has two Dapps in operation with about $1.04 million in total value locked (TVL), which is way below its 2022 peak of about $30 million. The $1.5 billion valued  VET coin traded around $0.018 on Friday, up approximately 2 percent in the past 24 hours. Notably, VET price has a long way to go before retesting its ATH around 28 cents, which is expected to re-occur in the next two years.

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