VeChain has published its first financial report for the fourth quarterly VeChain Foundation Financial Executive Report. This is the first report published since the launch of the VeChainThor Mainnet. The financial report covers the period from May 2018 through July 2018. According to the company, the report aims at upholding the company’s transparency, commitment, monitor of funds usage, and show the development process of all aspects within the VeChain Foundation.
The Report In Detail
The report has covered a few crucial aspects of the foundation, opening the curtains to what the foundation has been up to for past three months. This has included VET supply, progress on the VEN to VET token swap, ETH expenditure, partnerships, marketing events, and announced projects.
The foundation has begun the report by outlining the project’s total supply of VET on the VeChainThor Blockchain which according to the report is at 86,712,634,466. This has marked a 4% increase since the last quarterly financial report. Those who’ve contributed to the increase include:
Enterprise Investors – Although the report does not name the businesses or investors who’ve agreed to buy and hold VET, it does disclose that there has been a number of partnerships. This deals have bared fruit and are leading investors to invest into the pool.
Co-Founders Development Team– According to the report, the Co-Founders and the development team was awarded 517 million VETs. The report acknowledges that this number is higher than that of the last period and attributes this to the increase in the number of team members.
The operation, Technological and Business development – Another percentage has been used to fund operations within the ecosystem, and to advance in technology and business development. This has included significant security testing and bug bounties conducted on the VeChainThor Mainnet source code, built-in smart contracts, authority masternode deployment and developing the VeChainThor Wallet application.
VEN To VET Token Swap Status
The report has given an update on the progress of VEN to VET swap. According to the report, as of September 10, approximately 93.5% of the ERC20 VEN tokens have been swapped for VET. The report acknowledges that this swap is being inspected by an independent third party with a report scheduled to be submitted to the Steering Committee for review.
The company says the project will continue offering the swap service to users who are yet to swap their ERC20 VEN token through the VeChainThor Wallet application.
The project has also outlined how they have spent ETH over the period. According to the report, this number has gone down, and the team has attributed this to more businesses and service providers accepting VET as payment. A summary of the expenditure showed that much of the funds were used for Technological Research and Development, and business development. The team says that they have had to spend considerably on the internal and external testing of the VeChainThor Mainnet to ensure a smooth and safe launch. Additionally, during this period the team has partnered with enterprises as they aim to expand their audience.
Partnerships And Collaborations
The company has listed out enterprises that they have partnered and collaborated with during this period. This has included; Bright Foods and Shanghai Xiandao Food (May 16), Lingang International Manufacturing Exhibition Trading Centre (May 27), Shanghai Wine and Liquor Blockchain Alliance (June 7), DB Schenker (June 12), and Totient Labs (July 10).
The report concludes by outlining VeChain Ecosystem projects over the same period; Plair (May 18), Decent.bet (May 29), MustangChain (May 29), OceanEx (June 15), Safe Haven (June 17), Esprezzo (June 20), and Cahrenheit (July 19).
The company says it plans to continue being transparent in the new VeChainThor Mainnet era. It has also added that it is fully committed to seeing the VeChainThor Ecosystem becoming the biggest blockchain platform.