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Vechain Financial Report — Q1 2023
thedinarian
July 06, 2023
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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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thedinarian@thedinarian
July 27, 2025
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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments. 
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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If you find value in my content, consider showing your support via:

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