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Let’s chat with VeChain
Recorded: April 25, 2025 Duration: 1:02:18Space Recording
Short Summary
In a recent Bybit AMA, VeChain's CEO Sonny Lu discussed the launch of innovative projects and partnerships aimed at enhancing blockchain applications in real-world scenarios. Key highlights included the introduction of BetterToken, a new incentive token, and the ongoing evolution of VeChain as a leading layer one blockchain platform focused on sustainability and mass adoption.
Full Transcription
The End Thank you. Music . All right, all right, guys.
Sounds good.
Very quickly, I want to check if we have Sonny on the line.
I can see you have a speaker already.
Yes.
Can you hear me now?
All right.
Perfect.
All right.
Cool.
Apologies, guys, for I know some of you have been waiting for this space
to work since a few minutes ago.
We've had some slight technical difficulties allowing some speakers to join this space,
but I'm glad that we are already here and probably we'll get started in 30 seconds.
Just letting more of you hop in and while we wait, maybe quick sound check from everyone.
If you can hear me clearly, hit that part or give me any emojis reactions in the chat.
All right.
All right.
Okay, cool, cool, guys.
All right, everyone.
My name is Timothy.
I'm one of the community managers of Bybit.
My focus is on the customization market.
So some of you probably don't know me, but some probably have seen me in the communities.
But yeah, welcome to this very special
Bybit AMA on next basis.
And before we start,
I wanna make sure that everyone has equal opportunities
in getting the $250 trading bonus.
Now the link's already in the post.
We shared like a few days ago. So all you have to do is
to click the link, make sure to finish the quiz. And after that, you can win some bonuses. That's
super simple. Today's guest is Sonny Lu, the CEO of VeChain. Hey, Sonny, how are you doing?
Hey, Sonny, how are you doing?
Hey, I'm doing fine.
Thank you very much.
I'm very happy to be here.
That's awesome.
Honestly, the first time I've watched one of your videos was on YouTube in 2019, where you talk about in, that was about V-Chain at Draper University.
So that was a good chain at Draper University.
So that was a good talk. And it was also the same time I was looking for more info
about the V chain and now we're talking here on spaces.
Very, very-
Small word.
Very, very, very great opportunity for me
to ask these questions personally.
Yeah, I'd like, I probably have known
some of your info already,
but if you could share with our users who you are,
your background in the web space prior to
and for you with VeChain.
Sure, sure. Hi everyone.
My name is Sonny and I'm a founder and the CEO of VeChain.
Actually, I, well, not only VeChain consider as a diner coin, because we started in 2015,
but also even myself, it's a really old guy in a crypto world.
I started a crypto journey since 2012 and 2013.
And even before that, I would, before the VeChain, I actually was still working.
At that time, I was working Louis Vuitton as a chief information officer. So basically,
let's say my job in Louis Vuitton was connecting the technology to the business. So when I get into the crypto, well, everybody
starts from Bitcoin for sure. And I started with lots of mining business, build up the
mining rigs, mining pools. And also in 2015 or 14, I think maybe 2014, met Vitalik in Shanghai.
He raised up funds for Ethereum ICO.
At that time, China was quite, let's say, in a leading position
in terms of the hash power of the Bitcoin and network
and even the crypto influences.
So I had a very interesting chat with Vitalik
and talk about EVM, talk about a smart contract platform.
And it kind of also inspired me to start build up Vechain
for real world applications, for mass adoptions.
What I believe is blockchain is going to be the internet 2.0, going to change
the world just like internet did in the last 23 years. So in 2015, I quit my job and devoted myself
into the crypto space and started VeChain since then. And well, simply to introduce a bit about the VeChain, I would say we're a layer one blockchain platform
focused on real-world applications.
So, yeah, that's a simple introduction.
That's such a great, you know, origin story, Sani.
I think starting, I mean, that background speaks volumes,
right?
I know that you came from a very quite different industry from Louis Vuitton, you know,
fair precision, availability and trust are definitely everything, right?
So I know it's easy now how that mindset translated into VeChain has become, you know, into supply chain and
all that.
But definitely those things we can talk about later.
And thank you so much for that.
Let's take a step back for new users or newer users in this space.
But for those who might not know VeChain, I know you mentioned layer one, but could
you drop us a bit more, like a short, simplified introduction on it?
Sure, sure. um but could you drop us a bit more like a short simplified introduction on it sure sure um
so vchain let's say i usually just describe a vchain um like as a three white papers journey
um i think we are maybe the only one or one of very few projects keep iterating the white paper for Vechain itself. So in 2017, we released the first white paper,
basically for ICO purpose,
and also make the statement about what kind of
the layer one we wanted to build.
Or what we can see, let's say,
the challenges at that time,
layer one are facing, even Ethereum already
running for more than a year, but we see some of the, let's say challenges in terms of like
transaction fees or congestion of the networks and also missing some of the features for some
applications. So we released the first white paper in 2017
to tell people what kind of the layer one
we wanted to deliver.
And in 2018, June 2018,
we delivered the VeChainSoul blockchain
running since then with 100% availability.
And in 2019, we released the latest, the second version of white paper, basically focused on enterprise adoptions or building up enterprise level applications over the blockchain technology.
And since then, we have been accumulating about 100 applications for different type of enterprises.
about 100 applications for different type of enterprises.
There's many of them are still running.
For example, like a food safety for Walmart China
are still the biggest transaction contributor
to VeChain blockchain.
They're generating 300 million transactions per year,
something like that.
And latest the white paper was released in 2023.
Actually, that white paper is very, very special.
We co-authored with Boston Consulting Group as our partner.
We call it Web3 for Better.
We believe sustainability is a very interesting,
or I would say promising use case scenario or use case
sector for blockchain, IoT, AI, you know, as it emerged the technology. And also based on our
experiences with different type of applications, we kind of summarize like it's a common needs from most of the enterprises we have
been working with. Something like, you know, supply chain management for H&M, ocean cleanup for
RIS-C, and BYD, like carbon credits for BYD, those type of projects. So we worked with BCG to identify the new track,
new direction, and focus on building up
sustainability platform on VeChain
or driving the layer one specifically
for sustainability angles.
So yeah, that's a very simple journey
about VeChain since 2017 until now.
That's pretty impressive, Sonny.
From launching your own chain in 2018 to scaling enterprise in 2019, and now you guys have a lot of apps.
But this one is very interesting to my part since the first time I learned about the project was when you had partnership with Walmart
China in terms of supply chain. And fast forward to 2025. I'm in the Philippines right now, right?
So we are slowly having like electric vehicles. And it's just the first time I learned about the carbon footprint track, right?
And one of the is also BYD here.
And I'm also learning more about the e-vehicle
since most people here are really transitioning somehow
and starting to get that sort of interest
in switching from, you know, the traditional cars to e-vehicles.
But yeah, I think that's where blockchain really starts to shape the future, right?
Going real world, having a lot of real world applications.
So that's, yeah, I mean, you're already in the now real world.
Back in 2019 when we were just, I mean mean when you guys were just trying to explain the
the vision there's a lot of things that really happened and i'm glad that you guys were yeah
executing that and yeah that's just great it's just great the personal projects that I got to interview since I'm also,
I have been a follower of this project since 2020, yeah, from that time.
That's great.
Actually, I think one of the common spots between Bybit and the VeChain is we all believe in the use cases in sustainability
angle. Bybit has a blockchain for good, right? Initiative. Actually, that's how we get everything
started. The conversation starts from there. Exactly. I couldn't say there's not much more
to say, but this is really an interesting project for most.
But this time, I know that there have been a lot of changes already.
I mean, you can see Vitalik now trying to propose a transition from PM to RISC-V, right?
Yeah.
I think it created some sort of noise in the developers developers community on what are the possible impacts of this.
But before we proceed to the next question, maybe I would like to get your thoughts on
that.
Yeah, well, I think it has been the old cliche, that kind of topic in the blockchain world.
You know, we have been talking about that similar topic for years.
Like, in blockchain space or crypto space,
they're full of infrastructures.
Or even, you know, people start to say
there are too many infrastructures.
Where are those applications?
Because eventually, whatever,
what kind of the new technologies
or cutting-edge revolutionary technology eventually needs to serve the value, needs to bring the value to the people, you know, contributing, changing, whatever, financial areas, but also, like I said, I believe blockchain is going to do so much more than just financial actions or financial applications.
So I think, you know, it's good to keep its rating for those kind of infrastructure features.
I do actually, we do respect Ethereum, we do respect Vitalik.
As a matter of fact, I want to share with you one very interesting fact is when we launched
VeChain blockchain, in the genesis block of VeChain blockchain, we wrote, salute to Ethereum,
showing their respect, like that's the first smart country platform
kind of inspire others.
But also it's a, other than the infrastructure,
I think more important is about application.
It's about mass adoptions, getting more users
to be able to, you know, enjoy the blockchain benefits,
enjoy the features or value coming from the blockchain technology.
I think it should be a higher priority
than just building up the infrastructure.
I'm not saying infrastructure is not important.
It is important.
And to keep iterating the technology like Vitalik is doing is great.
But also, I think the entire space, you know,
the builders from the crypto space needs to spend more focus on building up the real world
applications. It's just like internet, right? Internet starts in 1970s, 1980s, and people get inspired about technology, but eventually people like normal people,
they are relying on or they're enjoying the benefits coming from email, Explorer,
until today's TikTok, Instagram, Amazon, those type of applications.
So I think right now know after more than 10 years
maybe even 50 years if we count the first genesis block from bitcoin in 2009 it's already 15 years
and i think the the builders of the crypto space needs to focus on the real world applications
to focus on the real world applications.
Yeah, totally agree.
I mean, at the end of the day,
it's not just about the tech that you're using,
whether it's EVM or it's five,
or real world value, right?
And like you said, adoption and practical impact
are what really matters at the end of the day.
I'm just curious, since you have such quite a good tech background.
So thanks for answering that.
I know that this next question is something you've already probably touched
upon and like answered already, but maybe if you could shed some light more.
What is the focus right now?
How does it differentiate itself from other layer ones and their two solutions?
Sure.
I mean, we're, let's say, following the latest white paper, Web3 for Better in 2023.
And basically, we're delivering, you know, all of the thinking's ideologies, directions coming from that white paper.
So we're building up, since June last year,
we launched a new platform.
It's called vbetter.com or vbetterDAO,
which is a DAO ecosystem to enable multiple different decentralized applications
to incentivize individual people or individuals to do better
actions, make a better choice on a daily basis, and eventually driving the collective,
accumulative impacts to sustainability implementations. So far, I would say we
finished up a zero to one phase. It's pretty good.
For example, the VBetterDAO,
we already have more than millions of the users.
And I believe it's most active DAO in the ecosystem.
Every week, you know, the different type of the proposals
or normal weekly allocations got 10,000,
more than 10,000 voters to participating in the DAO activities.
So, so far, I would say, you know, it's running pretty well.
And we're just in the going to the scaling up phase to, let's say,
in the going to the scaling up phase to, let's say, enable more, let's say, non-crypto user friendly,
that kind of the tools or features like the social login, like the payment solutions to get more
mass adoptions from the technical perspective. On the other side, we're starting to expand the massive, let's say, marketing campaigns
with our new advisor, Dana White, you know, to expand to more normal users, to be, to
convert them to be the crypto user, to be the DApp user for mass adoptions.
Cool, cool. That's a very interesting concept, especially how the project ties to real world actions through on-chain rewards.
But I just want to ask this question, like, do you have any specific use case or campaign
that highlights how this works in action, the VBetter?
I mean, something that's-
Yeah.
... impact or any success story so far?
Yeah. Well, firstly, let's say, I think I'm an engineer.
So every time when I think about the build up, whatever the platform or solution or products,
always try to, you know, following the logic as an engineering mentality,
which is what kind of a problem we want to solve and how are we going to solve the problem?
And what is the target, right?
So when we think about the sustainability i think the mr
the most uh challenge part is individual person feel left out of the game and people are kind of
um how do i say they are disappointed about the result of sustainability efforts across the whole world. Even there were lots of organizations,
even governments, enterprises putting so much effort on that.
But still, there was a gap between enterprise
or organizations and the individual users.
The gap is individual user feels I don't, I have nothing to do with that, or even I do a good
things, you know, I don't, I don't get recognized, I don't get rewarded, right? So for example, you go
to any, for example, you go to Whole Foods in America, in US, you got to pay extra to, you know, to get those, to buy those recycled products or sustainable
products in general. So paying extra to be sustainable, it's definitely not right. I'm
doing my contribution, my effort. I should get rewarded other than pay extra. And also from
enterprise angle, enterprise also feel disappointed as well.
They were like, you know,
I spent millions of dollars every year
to allocate whatever you call ESG budget or SDG budget.
But in the end, I got a report
and I don't get appreciated from my individual user.
So I think that the real problem here is, you know, the individual needs to work with enterprise together.
And how are we going to work together?
Align with Web3 technology.
And actually individuals can do quite a bit, let's say, efforts or impact or can generate the impacts from the daily life.
You know, the small actions or small behavior change could really drive very impressive
accumulative or collective impacts. So that's why, that's how we're going to deal with that.
We want to enable those type of applications, incentivize people to do better actions on a daily basis
and then put them together.
It's a big impact.
Give an example.
I want to, you know,
a couple of the examples from the vBetterDAO ecosystem.
The first one is a mock shot.
It's actually a very simple application.
You can just connect to your wallet and then, you know, take a shot The first one is a mugshot. It's actually a very simple application.
You can just connect to your wallet and then, you know, take a shot,
take a photo about what kind of the mug you use when you drink coffee.
If you use recycled mug other than paper cups,
then you get rewards right away.
Very simple.
And this mugshot application already reached to almost one minute user just for one single application i mean in web 2 one minute
user maybe nothing but in web 3 one minute user is pretty impressive right and as a result, it's actually of generating quite big impacts.
Statistically, humankind consumes 500 billion paper cups every year for coffee, for different types of drink, for tea.
And if we can save half of them, then we're talking about saving more than 3 million
trees every year.
That's a huge value.
And it can be connected by the crypto, by the blockchain technology.
So that's the first example.
And second example, you mentioned about the EV.
Actually, EV is very hot and trendy across the whole world.
Whatever US and China or Europe and Southeast Asia, everywhere.
And we have application, it's called EVEARN.
We already finished the API integrations with Tesla.
So that means if you are the Tesla user and you have a Tesla account, and you can use a Tesla account logging into the EVN to connect your cars automatically. data from every charging session to the smart contracts and based on how much you charged
and you can get the rewards in terms of the better token right away. So it's very convenient for Tesla
drivers and we're also working on to expanding to other brands, other EV cars as well. But let's
say even just for Tesla, it's already 7 million Tesla cars in the world.
And it's quite a big user base we should engage.
And as a matter of fact, a couple of weeks ago,
I was in Miami shaking the hands with Elon Musk in person.
And I told him like a big fan, we should work together.
So those type of application applications i just made an example
but so far we have a 30 something applications in v better now basically covering different type of
aspects in people's day life starting from you know drink coffee make a sustainable green shopping
clean up the garbage from the from the beach side oh by the way yeah i wanted to mention about
another example uh cleanify it's you know enable user to clean up the garbage from um from beach
side from ocean from land from streets whatever and as a matter of fact, one week ago or two weeks ago, one week ago, and we were in Miami to work with the fallocean.com to clean up the island in Miami.
And we have our new advisor, Dana Wai, to join us together.
We spent four hours in the island, clean up, you know, hundreds of pounds of garbage to make the island beautiful
again and actually a forge and also expanding now they're expanding to southeast asia to um you know
clean up lots of the canals or um small rivers um from from the plastics waste.
Statistically, 75% of the plastic waste
eventually goes to the ocean
and it kill hundreds of the marine animals every year.
So just imagine how much,
if everybody joined, more people to join,
this type of campaigns,
using that kind of application,
get rewarded or incentivized to do that type of campaigns, using that kind of application, get rewarded or incentivized to do that type of things,
we can generate a huge amount of value out of it.
So it's not only about the financial value we're generating,
but also, I would say, even high level to work together.
Everyone from the world, we work together to save the world or make the world a better place.
That's the, you know, the biggest consensus in the world.
So, yeah, that's about what VBetterDAO is actually doing.
And we're setting up the target.
We wanted to reach 100 applications.
Now it's still 30, so still quite a big to go.
And also 20 million users.
Now it's just millions.
So, yeah, we still have lots of work to do. it's still 30 so still quite a big to go and also 20 million users now it's just millions so um
yeah we're still have lots of work to do
yeah yeah thanks so much you make a great point um i heard when you said there's often a gap
between individuals and enterprises in you know like individuals don't feel acknowledged for making sustainable
choices and enterprises feel their efforts are usually recognized.
So I think that's closing the gap is very important.
So those initiatives that you mentioned like Mugshud, carbon tracking with BYD, those are
real world applications that can bridge that divide.
That's pretty amazing.
Lots of things, lots of work to be done.
And hoping to learn more about the collaborations.
Yeah. Thank you so much for answering.
I know there's a lot of things to say.
I want to go to the next question now.
Sure, sure.
This one, I guess, is about the listing of V3TR token on Bybit.
What is it and how can our listeners use it?
Yeah, well, BetterToken actually is
what we call the incentive token in the VBetterDow ecosystem
building on VeChain blockchain.
And actually, there is another version of Better beta token we call VOT3,
which is a governance token.
So basically a user can swap the beta token one-to-one ratio
to get the vote and participate in the governance.
And so beta token is basically as a blood in the vBetterDAO ecosystem
to connect all of the different types of decentralized applications
to incentivize people to do better actions.
And eventually, we will be able to accumulate the data,
generating quite the incentivized value.
And actually, BetterToken, now listing the Bybit,
thank you very much for the support,
it's a first step, but you can actually, we're getting more liquidity on that
and building up the liquidity for the further utility and use cases with a better token.
So right now, also along with the Bybit listing, we get what we call the Better Card, which is a crypto credit card able to accept the Better Token, VET and VSOA as well.
So basically, user can earn the Better Token from the decentralized applications in the VBetterDAO and using the better car to pay for anything you want.
Actually, yesterday I was making a small shopping.
That was my first time I've been traveling around.
That was my first time to use a better token to buy my badminton gears in Milan.
So, yeah, it's pretty convenient, pretty useful.
And also there are some of the X2.1 applications
in the vBetterDao ecosystem start to accept the better token
for participating in the projects.
A new rising project is called a new Bela.
Actually, they already have 20,000 or 30,000 IoT devices
deployed in the networks,
you know, are able to, let's say, that's actually a CLIMB device, CLIMB data collection device.
You know, you can setting up the device anywhere in the world
and collect the CLIMB data in a decentralized way.
And then the Nubila platform are able to, you know,
seal those type of data or monetize the value
of those decentralized data in terms of climb.
Actually, there were very interesting market use cases,
especially in the Wall Street.
Think about all of the commodities,
traders, right? They might care what is a climb situation coming from, for example, coffee bean
fields in Brazil. And then they can put extra incentive to any device nearby in that areas.
to any device nearby in that areas.
So that's a very interesting monetized model.
And that type of application or project
will also for people able to accept the beta token
to get the device and then running the client,
supporting the client data of everywhere in the world.
And also there is another project in the VBetterDAO ecosystem.
It's called SolarWise.
Basically, you can use a better token or even including the VET as well
to invest some solar panel.
Then, you know, you can help to set up the solar panel,
even for a small village,
which the big enterprise is not willing
or not interesting to invest in that kind of area.
But by using that kind of decentralization power,
they are able to set up the solar panel
in a small village in Brazil or, you know,
Southeast Asia, something like that.
And the people can benefit the electricity
generating from the solar panel.
And then whoever buy the NFT to support the solar panel
are able to gain the returns back,
whatever in VET or in better token as well.
So yeah, so basically the better is in summary
is an incentivized token, but also a utility token
in the vbetter.ecosystem support sustainability rule outs.
Yeah, that's fantastic.
I think that seems to be an awesome app.
Just a follow up question to that, where can we download that? That's an. I think that seems to be an awesome app. Just a follow-up question to that.
Where can we download that?
That's an app, right?
Oh, yeah.
Well, everybody can go to VWord.
It's a VWord.net.
And in the Explorer tab, you can find most of the applications.
Or just go to vbetter.com.
You can see all of the 30-something applications listed,
and you can try every of them.
You can find the link easily to go to every application from that.
Okay, that's great.
So if I'm a VET holder
and I'm interested in getting the better tokens,
if you can probably help me understand like uh what's the impact of this uh with the the VET holders I mean so you guys already have
three tokens at the moment right so that's VET and better yeah so actually um VeChain has two tokens, other than just better token in the VBetterDAO ecosystem.
Three of them already listed in the Bybee recently.
Again, thank you very much for the support.
So VAT is a native token for supporting and securing the entire networks of the VeChain blockchain.
So people are able to use the VET to stake,
to get the different type of NFT,
to participate in the security of the VeChain blockchain networks.
And the VSOAR is a guest token.
It's coming from staking rewards from VET
and pay for all of the transactions running on the Vechain blockchain,
whatever is a payment transaction, simple payment transaction,
or smart country transactions.
And then BetterToken or VBetterDAO as an ecosystem
is one of the largest, let's say, sustainability ecosystem
running on the VeChain blockchain. They are consuming, let's say, transactions. They're
generating transactions like crazy. Actually, just a few months ago, I think VBetterDAO already
bypassed the Walmart. Walmart used to be the first be in the first place, the biggest one to contributing the
transactions on the VeChain blockchain. And now VBetterDAO is taking over the place. Just imagine
when we reach our goal, have 100 applications, 20 million users as a first step,
how many transactions will be ongoing on the VeChain blockchain?
And also eventually, as a long-term goal,
I believe this type of the sustainability ecosystem
could support 1 billion users or engage 1 billion users
for different type of applications,
that would be a huge amount of transactions
happening from this ecosystem, from every decentralized applications.
And then we'll conduct the value to VeChain blockchain.
So let's use a very close example.
It's like Amazon.
Amazon have AWS running as infrastructures. Everybody pay for the AWS
for running different type of applications.
And all of the decentralized applications,
including the VBeta DAO,
is just like the different type of applications
could be coming from enterprise,
could be coming from the individual developers,
or let's say running different type of transactions or using the AWS as a cloud.
So VT, VSOAR is for infrastructure level,
and then for infrastructure level of the VeChain blockchain.
And then vBetterDAO, Walmart food safety platform,
along with 100 enterprise applications
and also the future enterprise applications
will be acting as the normal applications
running on the infrastructure.
Yeah, so that's how the value conducted.
Right. Thanks for breaking that down, Sonny.
It's always helpful to hear straight from the source, right?
And very, very helpful information.
So if you guys, I mean, if you are listening just right now
and heard about VeChain for the first time,
I think it's very important that you study carefully how these tokens work, right? And that, you know, different
coins have different use case and where you should be able to use it. So that actually, I would like
to learn more about the better tokens. So after this, I'll definitely do my research. So thanks for sharing. And you recently
welcomed Dana White as an advisor to VeChain. How did that come up
and how will it benefit you in the future?
Dana is a great guy. Firstly, he's a great guy and also
been a personal friend for me for years.
And let's say,
well, everybody knows about
who Dana White is, right?
He's the president of the UFC
and a very, very good guy.
So Dana, let's say,
firstly, as an entrepreneur,
he's a very rich,
I would say I got full respect
about Dana.
You know, he turned $2 million investment into the UFC 20 years ago
and turned it to be $20 billion business
and most influential sports league in the world.
They got billion views every year.
They got 300 million fans across the whole world. You know, they got billion views every year. They got 300 million fans across the
whole world. And even, let's say, they're expanding to everywhere in the world. So
it's very good guy. Very respectful entrepreneur. That's a first. And secondly,
And secondly, I would say he's, you know, as a friend, he's a very authentic doer and a fighter.
You know, when he sees something not right, he just comes to go fix it.
He will just, you know, get things done, get jobs done, despite all of the challenges.
And when I had a conversation several times with him,
he has been very honest.
He just say,
Sonny, you know, I don't know anything about,
well, in his words, I quote,
I don't know any shit about crypto.
So, but when I show him like what VeChain is doing,
what VBetterDAO is about,
he understand that.
He's like, oh, that's good.
You know, I know like we shouldn't use a paper cup to drink coffee.
We should clean up the garbage and make the beach, make the, let's say, island more beautiful.
Or we should protect those marine animals.
We should use EV as a recycle energy, you know, purpose to make the world a better place,
to be more sustainable.
So he understands those type of small actions coming from the people.
the people. We even discussed about the sustainability angle.
We even discussed about the sustainability angle.
He heard about that kind of
ESG, greenwash, or weaponized
concept. And he said, he told me,
I like your approach, because instead of top-down
strategy, you're kind of like going the different way from bottom
up to getting the individual users to, you know, to contribute, to make better actions, to creating the more value.
So he really, after a few, several conversations, he liked it.
He just said, well, I like what you're doing.
doing i i want i want you to succeed so and and because he's a doer he's a fighter he just say i
I want you to succeed.
want to go all in to support you guys make it up and that's why you know i think we are the only one
to get uh uh then the vchain is the only only um platform get the denn's support. And also he wants to be the advisor. And not only the advisor in
paper or in title. You know, most of the time people are just saying like, oh yeah, you are
the provider to advise some projects, but we don't see the actual work. But actually Dana is not that
kind of guy. He's a doer. So he helped us to expand our visibility assets, not only into UFC, but also starting to expand to Power Slab, to the PBR, even to WWE.
Actually, just the last weekend, it was WrestleMania.
So it's like Super Bowl of WWE.
Super Bowl of WWE,
you can see the VBetterDao
and VBetter.com
as the, you know,
visible assets everywhere
in the WrestleMania in Vegas.
And also,
you know, he likes
to help
us to connect to the different
type of enterprises,
NGOs, connections.
For example, like 4ocean.com.
You know, he has been supporting 4ocean.com for years.
And he connected us together.
And we're exploring using the crypto blockchain technology
to support a full ocean to clean up the ocean that kind of mission and even bring more um
to support 4ocean to clean up the ocean, that kind of mission.
engagements with the crypto fence so basically we we wanted to engage the crypto guys to support the
full ocean to collaborate with forging and again rewards so those type of the use case, it's something where Dana brought to us. And moving forward, actually, there are more
business engagement, enterprise adoptions, you know, coming from Dana Wai. He's definitely
go-o-ying. I was really surprised and impressed and also appreciated for sure. He spent four hours in Miami with us to get hands dirty,
you know, clean up 20 pounds of garbage for himself
and also shouting to entire world,
calling for actions to support V-Chain,
support 4Ocean, those type of things.
So yeah, Dana has been, again, in summary,
Dana has been a great guy, good friend, and also a freaking marketing genius.
And it helped us to outreach more people to the whole world and building up the connections, not only from the enterprise level, but even from, you know, the most powerful person.
Actually, I was meeting Donald Trump in Miami, thanks to Dana's connection.
And I want to say, well, even just a couple of minutes conversation as a starting point, but
I'm very surprised even Mr. President knows about VeChain before I met him. So yeah, I appreciate
all of the work, all of the great support from dena and we have lots of
work to do and lots of achievements to do to to reach in the next few years
that's that's fantastic i think um to my mind right now um one of the most challenging part of
right now, one of the most challenging part of building a project or an ecosystem is getting
your, you know, getting the right connections and getting instant marketing when it comes
to the products that you're building.
I mean, yeah, indefinitely.
Yeah, you're right.
Dana is not only the president of the UFC.
He's also one of the biggest influences, right?
Millions of UFC fans or 100 millions of UFC fans hang on his every word.
And he's wearing the Vechain t-shirt in most of his Instagram posts or X posts to shout out.
He's really supporting vechain great great great the influence and the reach behind uh you know what he has that that's
already huge in the first place and that helps vechain break out the crypto you know box and
reach broader audience so that was a good call that was a good
call yeah um yeah thanks thanks so much for sharing um just shifting gears a little bit
oh so we saw that you recently announced a new staking model and protocol upgrade
can you tell us more about that yeah sure it's um it's a let's say it's one of the
major strategy for starting from 2025 we call it the v chain
renaissance so v chain renaissance is let's say the most upgrades from the protocol level and the
tokenomics level in the history of vision in the last seven eight years and we have three different
phases um until the end of june this year it's the first phase we call Galactica
and the Foscombe let's say some of the key features enabled like Dynamics Gas Fees will
increase demands or consumption about the V4 and, you know, enhance the security of the networks.
And then from July to December, that's the second phase we call Hayabusa.
So the Hayabusa will, let's say, bring up a series of technical upgrades to be more secure,
more feasible, more scalable about a vision blockchain.
But more importantly is to, let's say, driving for the real decentralization.
And simply to say, when we think about decentralization,
I only say, call me old guys in the crypto world.
When we get started, the decentralization sitting in the top of the Bible
to be a crypto guy or to be a blockchain guy, right?
But also we see the challenge right now
is only the technical people,
or you got to have a certain level of technical capability,
then you can run a validators,
you can participate in, you know, the network
security for most of the blockchain platforms.
If you think about the mining pool for Bitcoin or staking pool for Ethereum, most of the
whatever is a P-W or P-US, you know, that's the current situation.
So I would say the decentralization is a little bit broken
in the blockchain world. And with the Hayabusa launch, we wanted to create,
we introduced a new NFT solution to enable even non-technical people
to participate in network security at the protocol level. So that means
you don't need to be a technical guy. Then as long as you can operate the NFT, you can directly
support participating the VeChain blockchain network security. And you get rewards from the
protocol level right away. And you don't need to worry about your assets security. You're still owning the NFT represents certain amount of staking. So by doing that, our target is to
increase the network staking total, the total staking ratio for VeChain blockchain from the current around 3%, 4% to 40%.
So that means, you know,
there will be 30, 40 billion VET will be staked
to secure the entire network.
So it will definitely enhance quite a big security.
And also based on our design, that's a very,
I'm very proud of this design.
At the meanwhile, it also gives quite good protocol rewards to every user. It could be from 3%, 4% as the lowest or minimum staking to 15%, even 20%
if you are the validators or highest level of x no holders
as nft holders if you do delegation jobs so by doing that you know we will be able to attract
more people stake that and participating the network security make the veechin blockchains
more secure and also at the same time um you know, gaining the high-level rewards,
very competitive rewards
from the product level directly.
And meanwhile,
there is another new product launch
who are, we call it the Stargate,
probably on the July 1st,
to start the bootstrapping phase of the Hayabusa
and VeChain Foundation allocating, actually we boost up the rewards,
there will be 5.3 billion visor, roughly like, you know,
like, you know, $16 million to $20 million at today's price,
16 million to 20 million dollars at today's price.
we'll distribute it to all of the participants
who is, let's say, minting the node from July 1st
at the launch of the Stargate
and bootstrapping the Hayabusa half-folks
by the end of the year.
And yeah, that's pretty exciting.
Actually, we are willing to reward users
to participating and testing about,
not testing only, but let's say to be in the network security
security to enable the real decentralization.
to enable the real decentralization.
Great, great. I think these are the probably the answers to the
next and final question about the milestones for VeChain. But I
want to just want to add like, because you mentioned that making
validation more democratic by allowing even non technical usersical users to participate through NFTs, right?
In terms of...
Yeah, so basically we will have two rows.
One is validator, one is delegator.
So validator is like a normal validator in any kind of blockchain
who needs to have a technical capability around the server and everything.
And with at minimum 25 million VAT staking as today.
But the delegator, it could stake the VET
to get to the new NFT, delegator NFT,
to work with validator to participate
in the network security totals, you know, together.
Sorry, did I cut you off on some of the questions?
Not sure if it was me, but your line is cutting.
You were saying about the validation and the delegation part.
Yeah.
Can you hear me?
Yeah, yeah, yeah. I can hear you.
Oh, okay, yeah.
Yeah, it's about a validation and delegation.
So you kind of enable two different types of roles.
So let's say valider is for technical guys, for developers,
and delegation is for normal NFT holders.
That's how we're going to enable the true decentralization.
Okay, that's great.
I know this is something pretty new.
How do you see the shifting of this dynamics of network security? Do you see any risk of trade-offs come with that approach?
the liquidity the the market liquidity is not not liquidity the supply of vt will be dramatically
reduced um you know let's say in theory in in in theoretically uh we the the whole design could
enable 60 billion vat it's representing 70 percent of the staking ratio could be locked in the protocol level.
And maybe the risk is like
there were not too many liquidity in the market.
But I think it's kind of like a happy problem.
And yeah, we take a step-by-step to do that.
All right.
Thanks for talking.
I'm a little bit cutting off.
I don't know if it's me or you.
Could you repeat your question?
Sorry, I don't need. Peter, question. Sorry.
Yeah, I don't I don't get the last question.
Sorry. Yeah.
Can you hear me OK now? Yeah, we can. Now it's better.
Okay. Sorry about this. I was asking about the next milestones for VeChain. What should users watch out for?
Oh, yeah. Well, there are many things ongoing. And stay tuned with our official account, VeChain official in xpost and you get most of the
updates but generally speaking um let's say we have a three lines strategy top line is continue
to scaling up the v better doll like i mentioned we we're gonna very closely like in two weeks
maybe we will celebrate the first we call super app app in vbetta.o. It will reach the first
milestone to be the one million web three user decentralized application. Now I checked the data
yesterday it was like 900,000 something like that so given another couple weeks we should reach to
a one million user very soon. So vBedItOut basically serving the top line strategy,
enable more use cases, mass adoption for the users,
and getting utility and value creation
from the Vechain blockchain.
And the bottom line is Vechain renaissance,
upgrade the technical protocols, enhance the security,
and, you know, upgrade the tokenomics to give the stakers,
give the users more rewards,
and enable the real decentralization, like I just mentioned.
And also, in the middle, we are renovating,
we're building the new type of you know application
portal to enable um some of the work has been has been ongoing and delivered already to let's say
driving the mass adoption for the non-crypto users so enable the non-social logging. So you don't need to, like normal people, you don't need to memorize or backup your private keys and everything.
You can use a social logging.
Use your Google account, Apple ID, or even the Tesla account to log in different type of applications.
And also enable the payment solution.
Like I said, we just enabled a better card
and we're continuing to iterate that
and wanted to bring more smooth user journey
to use the crypto to pay for anything you want.
And eventually, let's say the v better dial as an ecosystem going to allow the user
to do different type of options on the every day but also you're able to take the benefits
or enjoy the benefits for real to pay for everything you want and eventually nobody
wants to leave right so that's an ecosystem um like comprehensive ecosystem for people can live in
for people can really um as long as you try to think about being sustainable creating the
sustainability value or do some sustainable actions then you come here um come to v better dow and you know um to do everything you can so three lines
v better dow scaling up um v chain renaissance um for tokenami's technical upgrades higher rewards
and then you know um super apps for um method options
for mass adoptions.
Cool, cool.
Lots of exciting milestones ahead.
So you mentioned July 1st, right?
That definitely sounds like a key date for the community
to stay tuned for, especially for launching.
Yeah, that will be the...
July 1st will be the Stargate launch.
So people can start to, yeah,
start to, you know know maintain the new nft um and also start to
enjoy the higher rewards to bootstrap for the real launch of the higher booster by end of the year
cool cool stuff big things on the horizon for veechain. All right. I guess we definitely learned a lot today.
Thanks so much for your time, Sonny.
And I know we went a bit over time,
so I appreciate you being with us till tonight.
Well, today's 7.30 PM in the Philippines.
Thank you so much to do that on a Friday night.
