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- Later this year, VeChain is planning to introduce multichain data bridges and an asset lending platform.
- Next year, VeChain will be working on numerous projects including Layer-2 rollups, decentralized file storage, DAO governance, and much more.
Enterprise smart contract blockchain platform VeChain (VET) has been at the forefront of some of the key developments taking place recently in the market. Much recently, the development team at VeChain Foundation unveiled a full roadmap for the years 2023 and 2024.
In its new announcement, the VeChain Foundation noted that the project’s developers are planning to work on a carbon footprint explorer during the first half of the year 2023. Some other projects that they would be additionally working on are an Ethereum (ETH) token bridge and a wallet browser extension.
During the second half of 2023, the VeChain developers will be working on implementing a VeChain naming system, along with a multichain generic data bridge, as well as an asset lending platform. In addition, Vechain developers will be working on building smart city ecosystems and oracles along with other features.
Being an enterprise-grade blockchain network Vechain has been working to help companies optimize their supply chains. Additionally, it offers a list of services for companies for improving product lifecycle management as well as data certification. The smart contracts running on VeChain can move value via VET transactions.
In the first quarter of 2024, VeChain is planning to work on numerous projects which include Layer-2 rollups, decentralized file storage, decentralized autonomous organization (DAO) governance wizards, algorithmic token-backed stablecoins, smart contract security analysis tools, etc.
VeChain’s Progress so Far
While the last year of 2022 was pretty bad for the broader crypto market, it was pretty good in terms of the developments taking place within the VeChain ecosystem. The total number of new addresses on the VeChain blockchain reached 304,355.
The annual total transactions on the VeChain blockchain crossed 12.9 million, and at the same time, the number of NFT transactions reached 2.7 million. furthermore, during the last year, VeChain was home to more than 50 NFT projects. Besides, the total number of exchanges supporting VET trading grew to 42.
The ongoing developments happening on the VeChain blockchain have also impacted the VET transaction metrics. Over the last month, VET’s social volume has stayed high reflecting the overall network popularity.
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Also, the recent spike in VET’s Binance funding rate hints at the cryptocurrency’s increased demand in the derivatives market. VET, the native crypto of VeChain, has also participated in the broader market rally since the beginning of 2023. In the first two weeks of 2023, the VET price has surged by nearly 30 percent with a majority of the gains coming over the last week.
The VeChain Foundation noted that with future upgrades, it would be disrupting some of the biggest industries in the market.
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