VeChain's enterprise adoption vs. token value disconnect – here's the latest: • **Real adoption with Fortune 500 partners** like Walmart China and BMW, but VET price is down 92-97% from its 2021 high • **Key 2025 upgrades** improved tokenomics with 100% VTHO fee burn and transition to Delegated Proof of Stake • **Achieved MiCAR compliance** in the EU (2025) and secured institutional custody via BitGo and Franklin Templeton • **VeBetter platform hit 5.2M+ users**, showing consumer growth, but DeFi ecosystem and liquidity remain limited • **Critical risk**: Treasury declined 23.5% in Q2 2025, and network usage growth doesn't automatically drive VET demand


