VTHO (VeChainThor Energy) Research Note — as of 2026-09-17

Background on the Asset

VTHO is the "gas" token of the VeChainThor blockchain, a dual-token network where VET (VeChain Token) is held as the capital/staking asset and generates VTHO, which is then consumed to pay for transactions and smart-contract execution. Unlike single-token networks (e.g., Ethereum's ETH), this design attempts to insulate transaction costs from the price volatility of the base token. VTHO therefore behaves more like a utility/throughput token whose fundamental demand is tied to on-chain activity on VeChainThor (supply chain tracking, tokenized assets, sustainability applications like the VeBetterDAO ecosystem), while its supply is continuously generated by VET holders.

Critical Note on Sources