Intending to maintain transparent communication about its accomplishments and quarterly income, VeChain releases official executive financial reports regularly.
The report covers crucial aspects of the financial year, including ongoing projects and a supply overview. The release of the most recent financial report was in August 2021, covering activities from March 2021 to July 2021.
Here is a summary of the report.
VET Supply Overview
As of April 30, 2021, the circulating VET supply stood at 65,635,322,174. This is a significant increase from 393,569,305 from the same time last year. According to the report, around 14,731,120,023 VET is in soft pickups and other crypto wallets. This totals about 17% of the overall supply.
Approximately 1.2 billion VET was released from the Ongoing Operation and Technological Development pool in the last quarter. This amount facilitates token swaps, which are now 99% complete. As of August 2021, around 61% of the VET total supply was free for trading in the open market. This is a significant increase from the 56% in April.
VeChain Foundation Expenditure
For spending in ETH or BTC, VeChain booked the USD value basing on when the transaction was done. It is important to note that many of VeChain’s partners and clients prefer receiving payment in VET coins instead of BTC or ETH.
Therefore, the total expenditure in the last quarter comprises a combination of VET payment and cryptocurrency. The three areas that VeChain spent the most money on are technological, operation, and business development. The company spent 3% more in the last quarter in an effort to expand its operations. The increase is also due to the high number of new ventures abroad. While the report mainly talks about finances and expenditure, it also highlights some of the notable events. Here are some of them:
- On March 28, there was an update VeChainThor Mobile Wallet on iOS to version 1.5.7. The update was highly effective as it improved stability and removed several bugs. The update also fixed wallet creation problems that had affected the previous build.
- On April 12, there was a Base GasPrice reduction by the VeChain core development team. The decline was welcomed by VeChain users, making it easier to use. Furthermore, a new version of the mobile wallet reflects the reduced prices. Users can get the latest version on Google Play Store or App Store.
Ecosystem Development
To provide better support for its community developers, VeChain adhered to the Foundation Grant Program. This program advocates for better communication with community developers and suggests improved payments.
By doing so, VeChain hopes to improve the quality of contributions and motivate community developers to do more. Apart from this community program, VeChain is also working with other consultants to create diversity in its ecosystem. This is to widen the scope of its audience and increase input from community developers.