$VTHOis the stranger of the two VeChain tokens — and for most people, that’s where the confusion starts.

You hear about $VETall the time. It’s the governance token, the value-storage layer, the one with the bigger market cap. $VTHOgets mentioned in the footnotes. But if you want to understand VeChain’s network economics — and why the Hayabusa upgrade in December 2025 matters more for $VTHOthan it does for $VET— you need