Report Date: October 9, 2025 Source: AIXBT MCP Top Projects
VeBetter is pivoting to an AI-Native Intelligence Layer for Society with B3TR token incentives, but faces "ghost project" criticism due to minimal on-chain activity ($51k DEX volume) despite $2.1B market cap, while a critical security vulnerability in the Hayabusa Upgrade has unlocked the full $160k bug bounty pool.
VeChain is a layer-1 blockchain platform initially focused on supply chain management that has evolved into a broader sustainability-focused ecosystem. While the search results confirm ongoing Renaissance upgrades and the VeBetter platform's existence, the specific developments mentioned in your context—regarding an AI-Native Intelligence Layer pivot, the "ghost project" criticism with minimal DEX volume, and the critical security vulnerability unlocking the full bug bounty pool—are not documented in the available information.
VeChain holds the #43 position by market capitalization at $2.61 billion as of May 2025, with a circulating supply of 85.98 billion VET tokens out of a maximum supply of 86.71 billion[1]. The token trades significantly below its all-time high of $0.2782, with current pricing around $0.0218 as of late September 2025[4]. Price predictions for 2025 vary widely, ranging from $0.0256 to $0.15 depending on market conditions and adoption rates[1][3].
VeChain operates on a dual-token model using VET as the value transfer token and VTHO as the gas token for smart contract transactions. VET holders generate VTHO passively and can stake their tokens under the Proof of Authority (PoA) consensus mechanism, where validators must disclose their identity to validate transactions[1]. This identity-based validation distinguishes VeChain from anonymous consensus mechanisms used by other blockchains.
The platform is undergoing significant technical transformation through its Renaissance upgrade program, which aims to transition from proof-of-authority to weighted delegated proof-of-stake[2]. The Hayabusa testnet launched in early September 2025, with governance voting that began on August 18 determining whether changes proceed to mainnet[2]. The planned Q4 2025 mainnet deployment introduces new tokenomics, updated VTHO consumption and distribution models, NFT staking capabilities, and enhanced validator and delegator roles[2].
The post-Hayabusa Intergalactic phase focuses on interoperability through full JSON RPC integration, making the chain more accessible to external developers and applications[2].
VeChain raised approximately $20 million through its 2017 ICO before launching the VeChainThor mainnet in 2018[2]. The project secured strategic backing from European assurance giant DNV in 2018 and formed a partnership with Boston Consulting Group in 2023 to expand sustainability use cases[2]. The platform maintains enterprise partnerships with companies including Walmart China and BMW for supply chain solutions[3].
The VeBetter platform represents VeChain's expansion beyond B2B applications into consumer-facing web3 applications, described as a web3 app store targeting real-world adoption through EV charging rewards, sustainable food tracking, and fitness incentives aligned with UN Sustainable Development Goals[2].
The specific concerns raised in your context cannot be verified from available sources. The characterization of VeBetter as pivoting to an "AI-Native Intelligence Layer for Society," the reported $51k DEX volume figures suggesting minimal on-chain activity, and the alleged critical security vulnerability that unlocked the $160k bug bounty pool are not documented in current public information. This absence of verification is particularly concerning given that such developments would typically generate significant coverage if accurate.
Transparency concerns: The lack of publicly available data addressing the on-chain activity metrics and security vulnerabilities you mentioned raises questions about information disclosure practices.
Technical transition risks: The ongoing migration to weighted delegated proof-of-stake through Renaissance upgrades introduces execution risk, as governance votes and testnet performance will determine implementation success[2].
Market concentration: With approximately 99% of maximum supply already in circulation, token economics depend heavily on VTHO generation mechanics and staking participation rather than supply expansion.
Adoption challenges: Despite enterprise partnerships, the platform acknowledges that broader adoption remains a key challenge even with upgraded infrastructure and regulatory clarity[2].
Price forecasts show extreme variance, with bullish scenarios projecting $0.15 by end of 2025 based on technological innovations and partnerships, while pessimistic views suggest potential decline to $0.015[3]. The neutral scenario suggests approximately $0.0431, representing 107% growth from current levels[7]. This wide range reflects uncertainty about the Renaissance upgrades' impact and market acceptance of the expanded B2C strategy.
The discrepancy between the $2.1 billion market capitalization and the purportedly minimal on-chain activity you referenced would represent a significant valuation concern if verified. Without access to real-time blockchain analytics confirming or refuting these activity levels, a comprehensive risk assessment cannot be completed. Investors should independently verify on-chain metrics, review the security audit status of the Hayabusa upgrade, and assess whether the B3TR token incentive model demonstrates genuine utility before making allocation decisions.
Citations: [1] https://www.flitpay.com/blog/vechain-vet-price-prediction [2] https://beincrypto.com/learn/vechain-renaissance-upgrade/ [3] https://www.bitpanda.com/academy/en/lessons/vechain-vet-forecast-2025-is-the-crypto-coin-experiencing-a-rise [4] https://blockdag.network/blog/vechain-vet-price-prediction-for-2025-2030-2040-and-2050 [5] https://vechain.org [6] https://www.youtube.com/watch?v=kc39fGJY57c [7] https://finst.com/en/crypto/vechain/prediction
Deep dive analysis powered by Perplexity AI