- VeChain has seen an explosion in on-chain active contracts amid its sustainable agenda drive.
- The protocol is exploring different avenues to encourage and reward users for adopting sustainability.
A recent chart from VeChainStats shows an explosive growth of active contracts on the VeChain (VET) blockchain. This explosion coincides with the propagation of global sustainability actions across the VeChain ecosystem.
The Rise of Active Contracts on VeChain
Crypto enthusiast and investor, Lucas highlighted the chart from VeChainStats on the social media platform X. Lucas noted that the chart displays contracts that actively implement Ethereum Virtual Machine (EVM) operations through incoming transactions (TXns in).
Active Contracts on #VeChainThor blockchain are jumping through the roof
Chartrepresents contracts that actively execute EVM operations by incoming transactions (TXns in)
Source: https://t.co/uYxkfQcDUh#VeChain #VET #Vefam pic.twitter.com/EliBLLKKQu
— Lucas Ⓥ (@LucaLucasv) July 29, 2024
The chart shows an increasing rise in active contracts on the VeChain blockchain from the previous month. Within the last 7 days, active contracts on VeChain rose to 2,634, with 268 addresses recorded in the past day. Meanwhile, the total number of contracts recorded on July 31, stands at 26,937, with 977 new contracts added in the past week.
The explosion of active contracts on VeChain indicates a rising interest in the blockchain. The VeChain blockchain is gaining popularity for its focus on enterprise supply chains and logistics blockchain solutions. As noted in our earlier report, VeChain has made substantial contributions to food supply chain management, earning notable mentions in multiple high-profile research works.
As regards logistics, VeChain dominates as a top player in the sector, offering transparent and efficient solutions. Its partnerships with major industry players like Walmart China and BMW attest to its prowess in the logistics industry. As we discussed earlier, the logistics market is forecasted to see $18.23 trillion by 2030.
VeChain Champions Sustainability Solutions
VeChain’s development plans now include the introduction of sustainable solutions. VeChain encourages its community to make eco-friendly decisions while rewarding each sustainable action.
According to our previous report, VeChain launched the Charge2Earn application, EVearn as an innovative solution in collaboration with Tesla for sustainable driving practices.
With EVearn, Tesla owners can track their energy consumption and distance traveled by connecting their vehicle’s onboard computer to the app.
Another key sustainability initiative championed by VeChain is the introduction of VeBetterDAO. VeChain’s VeBetterDAO ecosystem rewards users for promoting sustainability through various dApps like MugShot, GreenCart, Cleanify, and Vyvo. In return, users receive tokens for documenting their sustainable actions on the ecosystem.
While commenting on sustainability initiatives, the 2010 Nobel prize winner in Physics, Prof Sir Konstantin Novoselov noted the difficulties in changing the ecosystem from unsustainable to sustainable.
According to him, the energy landscape is far more complex than just sourcing. “It is how do we transport it, how do we change it from one type to another, how do we store it, how do we utilize it. Pull one thread, and the whole system shifts,” he emphasized.
Amidst its ecosystem trends, VET, the native asset of VeChain has been on an upward movement for some time. VET has experienced a 2.3% surge in the past day, to trade at $0.02725. The trading volume also increased by 1.9% to $23 million.
