VeChain Enters the Sustainability Market With the Launch of VeBetter in a Bid to Positively Impact VET

VeChainThor, or VeChain, an L1 smart contract platform has entered the sustainability market with the launch of VeBetter in a bid to positively impact its native token VET.

VeChainThor (VET), also known as VeChain, has announced the launch of VeBetter, a decentralized autonomous organization (DAO) that will tokenize sustainability actions.

According to a post shared by X (formerly Twitter) on March 11, 2024, and spotted by Coin Edition, VeBetter will convert each contribution to sustainability into a piece of data that can be verified. This will then be recorded securely and transparently with minimal overhead expenses.

The initiative will leverage VeChain’s capability to record and process transactions at a low cost, offering an alternative to traditional systems that struggle to track and value every small action.

“From charging an EV to reducing the usage of disposable consumables, each action will be tracked and tokenized, rewarding those who make efforts towards a cleaner future,” VeChain stated.

These tokens can be used, redeemed, or traded, transforming sustainability into something that can be put on par with traditional financial assets, according to the L1.

To the surprise of many, VET has not performed as well as other major digital assets in the market during the current cycle. Despite the broader digital asset market skyrocketing in the past few days and Bitcoin (BTC) making a new all-time high, VET has dropped 0.5% in the past 24 hours and currently trades at $0.02173.

Moreover, the cryptocurrency is down a significant 92.16% from its ATH of $0.2782, which was witnessed in April 2021. In the past week, VET is up a modest 4.37%, while the cryptocurrency has plunged 3.42% in the last 30 days. On the other hand, since November 2023, the altcoin is up only 0.50%.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned.

Readers are advised to exercise caution before taking any action related to the company.