- VeChain boosts network appeal with NFT staking that gives VTHO tokens as rewards in exchange for their contribution.
- VET token is still volatile, but new use cases for VeChain give investors hope for future rallies.
VeChain (VET), a blockchain platform focused on real-world business applications, is allowing NFT users to contribute to its network. Non-Fungible Token (NFT) holders can now get directly involved with VeChain as a consensus, receiving VTHO tokens as rewards.
Sunny Lu Promotes VeChain’s NFT Staking
In a recent interview, VeChain CEO Sunny Lu shared insights on the new staking model that uses NFT technology.
With traditional staking, users can lock up VET in a wallet, and the network uses it to validate transactions. In return, they earn rewards.
However, the new staking model comes with a twist. Rather than just locking VET, the system mints an NFT that represents the staked amount and duration.
The NFT is on-chain proof of a user’s stake. It can be traded, used in DeFi, and transferred without unstaking.
Furthermore, staked VET via the NFT is used to select node operators. The more VET a user stakes, the more influence they have in choosing reliable nodes.
This system creates economic security. As such, bad actors would need to control a huge amount of staked VET to attack the network.
Another key thing to note is that users earn rewards while helping to secure the network. Instead of just holding VET in their wallet, they can stake the token to earn passive income.
For every VET staked via NFT, users get rewarded with VTHO, the “gas” token of the VeChain ecosystem.
In essence, VeChain is turning staking into NFTs, allowing users to lock VET, get a tradable NFT, help secure the network, and earn more VTHO. As we discussed earlier, VeChain revealed the update in July, alongside its Renaissance 2025 initiative.
In addition, the NFT staking is part of the Hayabusa phase in the VeChain Renaissance , as highlighted in our previous article.
VeChain Expertise Spotlighted
Meanwhile, the VeChain blockchain has continued to gain recognition beyond its vision for transparent and secure supply chain management.
In a recent update, we covered that an academic paper shone a spotlight on the expertise of the VeChain network.
The report highlighted that blockchain technology currently plays a key role in tamper-proof identity verification systems for both vehicles and edge nodes. The paper spotlighted VeChain and Hyperledger as among the standout frameworks in this regard.
Moreover, VeChain has continued to show steady ecosystem growth and maintain key technical levels, despite the recent market crash.
As noted in our earlier post, crypto analyst Michaël van de Poppe emphasized that VeChain continued to build its ecosystem with new use cases. The analyst claimed this balance lowers inflation and increases user rewards.
Van de Poppe added that the project remains technically strong, despite bearish momentum. He said VET remains technically strong, with its price revisiting accumulation zones that could attract long-term holders.
As of this writing, VET is down 2.4% over the past 24 hours to $0.01647.
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