Nathanael Powrie

Most people still think vechain:native is the same supply-chain coin from the 2021 cycle. It isn't. While attention moved elsewhere, VeChain changed its consensus mechanism, redesigned its tokenomics, introduced staking and fee burning, grew its ecosystem to millions of users — and is pushing deeper into RWAs, payments and real-world adoption. Yet VET is still trading at a fraction of its previous valuation. That disconnect is what caught my attention. So I took a deeper look at VeChain — and the VET thesis today looks very different from what most people remember. VeChain has spent a decade building around real-world utility and enterprise adoption. But underneath the surface, the network has gone through one of the biggest transformations in its history. Galactica is LIVE. It introduced an EIP-1559-style fee market with 100% of the VTHO base fee burned. Hayabusa is LIVE. VeChainThor moved from Proof of Authority to Delegated Proof of Stake, opening the network to validators and delegators. The economics changed too. VTHO production was reduced roughly 50%, while rewards shifted away from passive VET generation toward VET actively staked to secure the network. And staking has grown fast. According to VeChain, StarGate went from roughly 2.5B VET staked to 13B VET. That's around 15% of circulating VET participating in network security. Then there's adoption. According to VeChain: → 5.3M VeBetter users → 50+ live VeBetter applications → 50M+ verified sustainable actions → 14M+ on-chain addresses → 530M+ transactions since 2017 → 100% network uptime VeChain has also launched 100+ enterprise applications historically and has worked with or built relationships involving names such as: Walmart Lululemon China BitGo Keyrock Franklin Templeton And VeChain is no longer simply the old "supply-chain blockchain" narrative. It's expanding across: → Sustainability → RWAs → Digital Product Passports → DeFi → Payments → AI-agent infrastructure Then there's Interstellar, the third phase of the VeChain Renaissance. Interstellar has passed governance approval and is bringing VeChainThor closer to the broader Ethereum ecosystem through deeper EVM compatibility, JSON-RPC support, easier use of Ethereum tooling and stronger interoperability. So the VET thesis today looks very different: DPoS: LIVE Staking: LIVE 100% VTHO base-fee burn: LIVE Reduced VTHO issuance: LIVE ~13B VET staked: REPORTED Interstellar: APPROVED / ROLLING OUT None of this guarantees price appreciation. VeChain still needs more developers, liquidity, economic activity and, perhaps most importantly, market attention. But that's where the valuation gets interesting. With roughly 86B VET circulating: $0.10 VET ≈ $8.6B market cap $0.25 ≈ $21.5B $0.50 ≈ $43B $1.00 ≈ $86B Now compare that with $XRP. A $1 VET would put VeChain at roughly an $86B market cap — around the valuation territory XRP has already demonstrated. XRP has a massive head start in institutional adoption, liquidity, payments infrastructure and market recognition. So VET reaching that level would require an enormous expansion in adoption, demand and capital. But here's the part I find more interesting: VET doesn't need to reach $1 for the thesis to get interesting. A $5B–$20B VeChain would already represent a completely different valuation from where it sits today. 5.3M users. 50M+ verified actions. 530M+ transactions. 13B VET staked. New tokenomics. DPoS live. Interstellar rolling out. The technology changed. The tokenomics changed. The network changed. The market's perception hasn't necessarily changed with it. Now the question is: Will attention and capital eventually catch up? vechain:native 👀