1. VeChain posted a mixed Q3 performance with a slight rise in VET’s market cap but a notable drop in VTHO valuation.
2. Network activity strengthened sharply, marked by higher active addresses and surging gas consumption.
3. DeFi growth accelerated, with VeDelegate taking a dominant share of TVL by quarter-end.

Messari’s review of VeChain’s third-quarter performance shows a market that held steady in some areas while facing pressure in others. VET closed Q3 2025 with a total market cap of $1.9 billion, up 2.2% from the previous quarter.

Its price moved in the same direction, ending the period at $0.022 compared to $0.021 in Q2. This placed VET as the 57th largest cryptocurrency by market value, reflecting modest but stable demand during the quarter.

The situation was different for VTHO, the network’s gas token. VTHO’s market cap fell to $148.8 million, down 15.5% from Q2, while its price slipped 18.5% to $0.0016. The gap between the market cap drop and the price decline came from supply expansion, as the total supply of VTHO increased 3.7%.

Fee generation on the chain also reflected these shifts. Daily fees rose 21.7% in VTHO terms to roughly 730,500 VTHO, but in dollar terms remained flat at around $1,400 per day because of the weaker token price.

Network Activity Expands as Addresses and Clauses Surge

VeChainThor’s on-chain data showed an uptick in Q3. VeChainThor experienced more active addresses. This value rose by 85.2% to 62,800 on average per day. New addresses on the VeChainThor network also rose by 54.4% to 40,900 on average per day.

Transaction clauses, an essential component of the multi-function transaction system in VeChain’s platform, improved from previous declines.VeChain’s transaction clauses rose by 32.3% to 370,000 per day.

Higher activity resulted in higher emissions in the network. VeChainThor emitted 4.1 tonnes of CO₂ during Q3. This was 57.7% higher than the previous quarter’s emissions in Q2. EVM-based transfer transactions accounted for 81.5% of the gas used.

EVM network activities rose 50.8% to 57.9 billion gas units per day. This was 38.6 billion gas units per day in the previous period. Intrinsically used gas rose 48.3% to 13.1 billion gas units per day.

VeChain’s DeFi Sector Accelerates Led by VeDelegate’s Dominance

VeChain’s DeFi ecosystem was strengthened. Total Value Locked (TVL) increased by 815.4% to $6.1 million. VeDelegate accounted for the most in the DeFi market of the network. It finished the period with $4.8 million in TVL and 77.8% market dominance in the DeFi market. BetterSwap was the second-largest, surging by 216% to $878,200.

Other chains like Vexchange and VeRocket declined, while TurtleSwap entered the scene with $136,000 in TVL. Avg. daily DEX volume increased to $71,000. Trading was dominated by BetterSwap, albeit being reduced from the previous quarterly period.

Also Read: VeChain Bullish Structure Builds, Ready to Ignite Toward $0.10 Mark