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Vechain Financial Report — Q1 2023

July 06, 2023

We are pleased to present the latest financial report for the vechain Foundation, covering the first quarter of 2023. This report provides an overview of our balance sheet, treasury holdings, expenses, and notable developments during this period. Despite ongoing challenges in the crypto market, we have successfully navigated turbulent conditions and continued to make strides in our mission to drive blockchain adoption and foster sustainability.

The balance sheet reflects the total value of tokens held by vechain Foundation, denominated in US Dollar value. Our treasury holdings have shown positive growth, with a surge from $275,561,329.42 at the end of December 2022 to $380,412,300.26 at the end of March 2023. This increase demonstrates better market conditions compared to the previous quarter and highlights returning confidence in the crypto market and we expect this amount to continue growing significantly in the coming years.

While maintaining a strong treasury, we have made strategic expenditures in various areas to support the growth and development of the vechain ecosystem. Our total expenses for Q1 2023 amount to $6,957,477.31, or 1.8% of our Treasury at its current value, primarily allocated to ecosystem integration, operations, PR and marketing, tech operations, and legal & finance. These investments reflect our commitment to expanding our reach, enhancing user experience, and strengthening our technological infrastructure.

During this quarter, we achieved significant milestones and made notable contributions to the blockchain industry. The launch of VeWorld Wallet, our fully decentralised self-custody wallet, brings new advancements and improved functionality to the vechain ecosystem. Furthermore, our collaboration with Electi Consulting resulted in the release of Dev Tool Updates, including Hardhat, Remix and the Open Zeppelin Library, aligning our tools with Ethereum standards to ensure greater interoperability.

We were honoured to host the HiVe Summit, a groundbreaking event that brought together leaders in web3, ESG, and academia. The summit provided a platform to address sustainability challenges and propose solutions while leveraging the power of blockchain technology. Additionally, we released our White Paper 3.0, co-authored with Boston Consulting Group, outlining our approach to sustainability via the Blockchain Biosphere, novel DAO and incentive-based ecosystems comprising many kinds of stakeholder.

In conclusion, we remain committed to advancing the adoption of blockchain technology and driving sustainable practices. Despite the challenges posed by the market, we have managed our treasury effectively and invested in strategic initiatives that we expect to add even more layers to our capabilities and prestige. We appreciate the continued support of our stakeholders as we strive to build a resilient, equitable and impactful ecosystem.

Thank you for your trust and confidence in vechain as we continue building the future of blockchain-powered economies.

Sincerely,

The vechain Team

Balance Sheet

The balance sheet shows the total value of tokens held by vechain, denominated in US Dollar value.

Considering both stablecoin and BTC/ETH/VET holdings, the total treasury value of vechain Foundation has increased from $275,561,329.42 at the end of Q4 2022 to $380,412,300.26 at the end of Q1 2023. This significant surge reflects a better crypto market situation compared to the previous quarter. Despite still being in a bear market, there has been a notable improvement in market confidence.

Expenses Sheet

The expenses sheet covers all spending categories and provides an expenses statement that summarises the cost and expenses incurred by Foundation activities.

Ecosystem Expense

This includes the BD expense for integration with DappRadar, which aims to provide more exposure to community projects on the VechainThor blockchain. Operation expenses cover all salary expenses for the crypto operation team.

PR & Marketing Expense

These expenses cover collaborations with the National University of Singapore, HiVe Summit, regular press releases, and community support.

Tech Operation Expense

These encompass the Grant program, salaries, software subscriptions, and IT equipment expenses for the Dublin Tech Center.

Vechain Products

VeWorld Wallet

VeWorld is vechain Foundation’s new fully decentralised self-custody wallet. It serves as the gateway to the world of Vechain, offering several quality-of-life upgrades for the ecosystem. The web wallet has been launched, and mobile and desktop versions are scheduled for release in Q3.

Vechain Adoption

Dev Tool Update with Electi

Vechain has been adapting popular tools to align with standards published by Ethereum. Through a strategic partnership with Electi Consulting, a Hardhat plugin and library were released on March 24.

Vechain Events

New Steering Committee Elected

Between February 14th to March 1st, the vechain Foundation launched the Steering Committee elections. Open to all, over 16 candidates put their names forward, undergoing public interviews on Twitter before two rounds of community voting took place.

HiVe Summit

Held on March 4th in Las Vegas, the inaugural web3/sustainability event brought together over 100 leaders in web3, ESG, and academia. The event aimed to foster an inclusive community and inspire action using blockchain technology. Notably, Sir Konstantin Novoselov, a Nobel Laureate, was announced as an advisor to vechain.

White Paper 3.0 Release & Boston Consulting Group Partnership Announcement

Vechain released a new whitepaper co-authored with Boston Consulting Group (BCG) at the HiVe Summit. The whitepaper focuses on sustainability initiatives in blockchain technology and introduces the concept of the “vechain Biosphere,” a new DAO and on-chain incentive-based ecosystem that rewards stakeholders for “green” actions. The release was accompanied by a new logo and official website.

This financial report provides a snapshot of vechain Foundation’s treasury holdings, expenses, and key developments during Q1 2023. The increase in treasury value, despite spending, indicates positive market sentiment and improved confidence in the crypto market. The foundation continues to develop innovative products, drive adoption, and participate in industry events to promote sustainability initiatives and expand its ecosystem.

About vechain

Vechain, headquartered in San Marino, Europe, is the curator of VechainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.

Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled solutions across a wide array of fields. vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.

Visit https://www.vechain.org to learn more.

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Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
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Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

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If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

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