The innovative developers of VeFe were granted a sum of $4,500 during the EasyA hackathon to construct a decentralized application (Dapp) that promotes sustainable living within the VeChain network.
VeChain has been actively pursuing eco-friendly blockchain solutions, particularly in the realms of agriculture and the food supply chain, aimed at reducing carbon emissions.
Building a diverse ecosystem of smart contracts and web3 projects, the VeChain (VET) network has flourished, amassing around $2.2 billion in total value locked (TVL) and boasting a daily average traded volume of approximately $35 million. With over 3.5 million recorded addresses and more than 24,000 total smart contracts, VeChain stands out as a prominent mid-cap layer one blockchain.
A key focus of the VeChain network has been the optimization of the global supply chain by minimizing inefficiencies and fostering a stronger environmental ethos. Notably, the total carbon emissions from the VeChainThor blockchain accounted for about 5,662.34 Kg last year and around 2,236 Kg year-to-date.
VeFe Dapp Encourages Sustainable Practices on VeChain
The recent winners of the EasyA hackathon, a collaborative effort by VeChain network and the BCG firm, unveiled their achievement. The VeFe decentralized application (Dapp), crafted by computer science graduates from Northeastern University, emerged as the leading project.
Securing approximately $4,500 from the hackathon, the VeFe Dapp developers have embarked on a journey to establish an ecosystem that automatically monitors users’ transactions, identifies environmentally friendly purchases, and provides rewards. Noteworthy is the rewarding mechanism of the VeFe Dapp, where users receive $B3TR tokens for their eco-conscious choices, thus infusing fun and sustainability into the VeChain network for all participants.
Exciting news from the #VeChain x @BCG EasyA hackathon! Congratulations to the brilliant computer science graduates from Northeastern University behind VeFe! Their innovative Dapp incentivizes sustainable living by monitoring eco-friendly purchases and granting $B3TR tokens, adding an element of enjoyment and reward to sustainability! … pic.twitter.com/z0MX9hYDJF — Collin Brown (@CollinBrownXRP) July 2, 2024
In a competitive field that included projects like PowerUp, ReviVe, Plumb, and GreenWise, the VeFe Dapp stood out as a beacon of innovation.
Advancements in Development
VeChain has been proactive in maintaining its competitive edge amidst the rising adoption of web3 protocols and digital assets. Notably, the launch of the VeBetterDAO mainnet by VeChain has facilitated seamless exchanges of B3TR for VOT3, rewarding users for their commitment to sustainable practices.
Recently, VeChain announced a strategic collaboration with EvEarn.org to incentivize eco-conscious Tesla drivers. Collaborating closely with the Boston Consulting Group (BCG), VeChain continues to spearhead sustainable blockchain solutions.
In its endeavor to streamline global supply chains, VeChain has forged partnerships with global entities such as BMW, Walmart China, PWC, Arket, BYD, and DHL, among others.
Impact on VET Price Movement
Despite a bearish trend in the crypto market, VET, the native coin of VeChain, has experienced a decline of over 22% in the past four weeks, settling around $0.02626 on Tuesday, July 2, 2024.
Following a bullish surge from late last year to early 2024, VET entered a corrective phase, with its price action closing below the 50 Moving Average (MA) on the weekly timeframe. Dropping below the 0.618 weekly Fibonacci Retracement, VET against the US dollar is likely to further descend towards $0.022 before establishing a firm support level for a broader recovery.
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