What you need to know:
- VeChain’s VET and VTHO both fell by more than 50% in market value in the fourth quarter of 2025.
- On-chain activity and transaction fees fell sharply, with daily active addresses falling 57%.
- DeFi on VeChainThor saw a major decline, but year-over-year growth remained positive.
VeChain (VET) saw a significant decline in the fourth quarter of 2025, according to a January 28 report Messari’s report. The token’s market capitalization fell 52.1% quarter-on-quarter, from $1.9 billion in the third quarter to $894.7 million at the end of the fourth quarter.
Source: Messer
The price of VET reflected this decline, closing the quarter at $0.010, compared to $0.022 in the previous three months.
This slump caused VET to rank as the 63rd largest cryptocurrency by market capitalization. Another token that saw a significant drop was VeChainThor’s guest token, VTHO.
VTHO’s market value fell 51.0% quarter over quarter to $73 million from $148.8 million in the third quarter, while its price fell 52.4% to $0.00075. The decline in VET and VTHO reflected the general decline in market activity.
VeChainThor Onchain activity slows sharply in the fourth quarter
The VeChainThor blockchain experienced a slowdown in the fourth quarter. Average daily active addresses fell 56.8% from 62,800 to 27,100, and transaction clauses fell 27.7% to 267,500 per day.
Source: Messer
Daily transaction fees also fell significantly, by 42.1% in VTHO terms to 422,800 and by 65.9% in USD value to $473.
The larger drop in the USD value reflects the impact of the VTHO price drop on the VeChainThor blockchain’s revenue. VeChainThor remained committed to efficiency despite the delay.
The transactions involve the use of clauses that allow multiple actions to take place in a single transaction, keeping gas prices low. Gas consumption on EVM fell 43.7% from the previous quarter to 32.6 billion gas units per day, and inherent gas consumption fell 38.4% to 8.1 billion.
The network reduced COâ‚‚ emissions by 41.8%, emitting approximately 2.4 tonnes in the quarter, which is the annual energy consumption of 269 liters of petrol.
Source: Messer
DeFi sector is retreating, but annual growth is holding steady
VeChainThor’s DeFi ecosystem grew at a slower pace after a period of rapid growth. Total value locked (TVL) fell 66% quarter over quarter to $2.1 million, compared to $6.1 million in the third quarter.
Source: Messer
VeDelegate remained the leading protocol with a 73.2% market share, although TVL fell 68% to $1.5 million. BetterSwap’s TVL rose 145.6% year over year to $351,500.
Other protocols, such as Vexchange, VeRocket and TurtleSwap, lost more than 50% of their TVL. VeChain’s DeFi industry has remained positive throughout the year.
Total TVL increased by 124.9% compared to Q4 2024. This indicates that market conditions have impacted activity levels, but adoption levels are still increasing.
Also read: VeChain Bulls in Action: VET is Poised to Reach $0.0202 and Beyond!
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