VeChain is a blockchain project designed to boost supply chain management, and the project supports Bitcoin(BTC), VeChain(VET), and Ethereum(ETH).
In its financial report for the year 2022, VeChain began the year with $1.37 billion in assets due to the cumulative asset value of Bitcoin, Stable coin, Ethereum, and VeChain.
According to a report, the blockchain project released a financial report for the first quarter of 2022. In the financial report, a balance sheet was presented, and it showed the expenses of the foundation from the beginning of the year to the 31st of March.
Recently, there was a noticeable drop in the foundation, from $1.3 billion at the beginning of the year to $1.2 billion in March. However, the drop wasn't a big deal because the foundation only spent $4 million on expenses.
The foundation also reported that the primary cause of reduced asset value is foundation outgoings and fluctuations in the crypto market. Due to the changes in the crypto market, BTC had fallen by 36%, Eth by 34%, and VET by 54% since December 2021, when the foundation began to track its first quarter.
Furthermore, the foundation presented a breakdown of $4.1 million in expenditure: $1.8 million on ecosystem business development(partnership, wallet providers, and custodians) and $1.1 on ecosystem operations(external service, consulting fee, and office space).
While the reports say the foundation treasury will support the long-term development of the VeChainThor blockchain, it's not sure if the foundation is open to more investments.
Even when the report seemed perfect, it didn't include how much the foundation earned and how much transaction fees were accrued in its first quarter of the year.
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