VeChain Foundation Shares Its Seventh Financial Executive Report For February To April 2019
VeChain Foundation, the lead developer of the VeChain blockchain, announced earlier in the week the release of the “VeChain Financial Executive Report Vol.7”.
The report highlights the developments across the VeChain ecosystem from February 2019 to April 2019 aiming to improve data transparency to their users and the community in general.
The report focuses on the overview of the VeChain (VET) tokens’ supply – VET’s circulating supply and the soft lockups, the expenditure of VeChain Foundation, and other financial report notes in various departments. Since the release of the VeChain THOR main net in 2018, the blockchain has become a user network integration platform allowing fast settlements across the blockchain.
VeChain’s Token supply
The total token supply in circulation included soft lockups in earlier reports but the team decided to separate the two, as soft lockups during the reporting period were barely moved.
The total circulating supply of VET tokens (held in users’ accounts) amounts to 41 billion VET tokens and a further 20.477 billion VET tokens held in soft lockups such as the Authority Master nodes (2.525B VET), X Nodes staking (~12B VET), Economic Nodes staking (3.607B VET) and the team lock up (2.37B VET).
Table showing the breakdown of VET's total market supply (Source: VeChain Foundation)
The team is offered a 5% developer’s fee of the total supply of VET, however in show of commitment to the project and the VeChain community, the team decides to hold part of their share in the team’s lockup.
VeChain Foundation Expenditure
During the three month period, the Foundation spent 57% of its budget on business development amounting to $1.13 million USD. This follows the increased costs of holding the first ever “VeChain Summit in San Francisco” in mid-April and the transaction rates as different partners selected payment in fiat, BTC, ETH or VET.
Technological research and development came in second with 26% of the total expenditure, ecosystem development took up 14% of the total and compliance status and legal department took up the remaining three percent.
Further developments on VeChain THOR platform
“We have added the VeChain Application Browser so that users can access VeChain Applications on the go, as most people prefer to access applications on their smartphones than desktops.”
VeChain World is an application hub, developer information center, and developer forum that will provide the users with a one stop shop for all queries on the VeChain Thor network and decentralized applications (dApps) built on it.
VeChain (VET) recently saw a spike in price following the announcement of the partnership with Walmart to provide food security across its chains and specifically in China. This follows the launch of the VeChain Accelerator program aiming to teach developers to grow sufficient businesses in the blockchain space.
The token is trading at $0.008104 USD as at time of writing, representing a 2% increase in the past 24 hours.