Decoding VET’s Whitepaper 3.0 to examine a few concerning factors
- VeChain’s whitepaper 3.0 highlighted the ecosystem’s path ahead for the year.
- Price actions favored the bears, but on-chain metrics were bullish.
VeChain [VET] recently published its Whitepaper 3.0, which highlighted the blockchain’s ambitions and motives for the coming months.
VeChain said it plans to multiply individual impact to unleash its collective potential for sustainability. The blockchain’s overall goal is to enable people to engage with sustainability every day.
VeChain’s road ahead
As the document mentioned, VeChain plans to become the platform of choice for sustainability. Based on this goal, the blockchain has finalized the technological features to create and how to tailor and prioritize them over time.
For Q1 2023, VeChain be will laser-focused on improving support for developers. During this period it will provide libraries, developer frameworks, Web3 connectors, infrastructure for Web3 as a service, and a wallet for browser extensions.
In Q2 2023, it will look at improving engagement and the experience for end users. It will be releasing a mobile version of the new wallet and standing up a user portal.
This portal will be a resource for both businesses and the broader community, enabling them to interact with Vechain’s offerings and applications.
The interoperability of VechainThor with other blockchains as well as the addition of foundation-backed DeFi protocols and NFT marketplaces will be the focal point in Q3 and Q4.
Is VET in trouble?
While the whitepaper looked promising for the blockchain’s future, the current reality was way different. For instance, DeFiLlama’s data revealed that VeChain’s total value locked declined by over 3% in the last 24 hours, which was a concerning factor.
The same remained true with VET’s performance on the price front. As per CoinMarketCap, VET’s price went down by nearly 5% in the last 24 hours and at press time, it was trading at $0.02338 with a market capitalization of over $1.6 billion.
Realistic or not, here’s VET market cap in BTC‘s terms
Should you be at ease?
Though the aforementioned data suggested a decline in the network’s growth, a few on-chain metrics still remained in the bulls’ favor. For example, investors were still confident in VET, as its weighted sentiment remained high despite the latest price drop.
VET’s demand in the derivatives market also remained stable; its Binance funding rate was up over the last week. Thanks to VET’s future plans, its development activity inclined post 17 March.