VeChain will enter billion dollar DeFi market with VeChain 2.0

By January 17, 2020 Ethereum
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  • The VeChain 2.0 Whitepaper will include details on the integration of Decentralized Finance (DeFi) into the VeChainThor (VET) blockchain.
  • The demand from companies for Decentralized Finance (DeFi) applications for VeChain is growing.

Sunny Lu, the CEO of VeChain spoke in an interview with Nugget’s News about the implementation of the decentralized financial economy for the VeChainThor 2.0 blockchain. Lu said that details will be revealed when the VeChain 2.0 whitepaper is published.

VeChain’s evolution to decentralized finance (DeFi)

VeChain is a project that is specialized in offering blockchain technology solutions for various industries. The partners are among the heavyweights of the industry and come from the food, pharmaceutical, logistics and automotive sectors, among others. Most recently, for example, the company has entered into a partnership with the Chinese Anhui Tea Association to increase efficiency and verify the quality of tea cultivation.

Sunny Lu said the company has seen significant growth and is well on track to integrate decentralized financial applications that can serve as security for inter-chain protocols. Lu explained the following:

The VET token will be used in a different way, more representing the valuation of assets for open finance applications. In the upcoming whitepaper 2.0, we have a dedicated section to elaborate on open finance applications.

In addition, he explained that the demand for DeFi applications on the VeChainThor blockchain has grown significantly, which is why the company is considering using these applications. Lu acknowledged that infrastructure development and a solid integration arrangement will take time, but was optimistic about the potential of DeFi for the VeChainThor blockchain:

In 2018, for the six months, we had roughly half-million transactions total. In 2019, roughly more than 35 million transactions, and 80% of them coming from smart contract transactions. I think it’s the right time.

Progress of the ecosystem according to Sunny Lu

In the same interview, VeChain’s CEO spoke about the progress that the cryptoecosystem has made. He stated that the development has been positive, but that it is still in a state similar to the beginnings of the Internet. He added that projects such as Ethereum, with great development, are not yet ready for mass adoption and that they must work on their governance and business model:

From my point of view (Ethereum) is working, it can do something, but if you want to reach a new stage and achieve mass adoption as a product it’s not there yet

The price of VeChain, at the time of publication, is at 0.0061 USD with a 5% profit in the last 24 hours. In the weekly and monthly charts, VeChain also shows significant gains with 15.63% and 31.64% respectively.

Below you can see the full interview with VeChain’s CEO:

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Last Updated on 17 January, 2020

The demand from companies for Decentralized Finance (DeFi) applications […]

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