VeChain Network Hits Milestone as the Ecosystem Continues Impressive Development

Joshua Ramos
Source: Binance Academy

The VeChain network has hit an impressive milestone, as its ecosystem continues its impressive development in the last year. The network has now surpassed 2 million known addressees and has facilitated over 20,000 contracts.

The protocols ecosystem has also noted a rather impressive spike in daily transactions according to Crypto News Flash. Subsequently attributed to the ecosystem’s Fortune 500 blockchain adoption.

VeChain Continues Impressive Development

The VeChain protocol is a smart contract network that has become one of the fastest-growing in the industry. The technology behind the VeChain Foundation protocol is seeking to completely progress global supply procedures. Moreover, VeChainThor has adopted a proof-of-authority consensus mechanism that places environmentally conscious blockchain usage at the forefront.

VeChain has committed itself to collaborating with global businesses to utilize the VeChainThor technology on a scalable basis. Conversely, the rapid development of the ecosystem seems to be pointing to the possibility of the mainstream adoption of the blockchain itself.

VeChain VET
Source: / Ruska Design

The VeChain network hit a massive milestone recently, surpassing 2 million known addresses and facilitating over 20,000 contracts. These developments have see the VeChain Network sport a market cap of around $1.6 billion.

Subsequently, the success has led VeChain to introduce a stablecoin called VeUSD. That token has already seen a market cap of around $5 million. What is underrated about the rapid success of the platform is that the network has experienced zero outages and downtime in four years. Conclusively, the VeChain network has specifically noted a recently unveiled wallet called HiVe as an attributing factor.