Layer-one (L1) blockchain, VeChain [VET] released its second quarter financial report on 30 September, indicating a solid status. According to the VeChain Foundation, the firm had over $474.88 million worth of cryptocurrencies in its reserves.

The organization noted that this value was only in its Bitcoin [BTC], Ethereum [ETH], and VET holdings.

Furthermore, the foundation also noted other sums in stablecoins. A look at the document showed that the stablecoin reserves were about $60.40 million. This brought the reserves to a total of $535 million.

Source: VeChain Foundation

While the value was a 44% decrease of its reserves in the first quarter, VeChain pointed out that it had performed exceptionally well.

Additionally, it referred to its performance as a plus despite the current crypto market condition. The report also stated,

“Despite the less-than-favorable market conditions, the VeChain Foundation maintains a strong financial footing with ample financial assets in reserve to support the continued support, development, and upgrading of VeChainThor for many years ahead.”

However, the positive impact was less on the VET price. At the time of this writing, VET was trading at $0.023, according to CoinMarketCap.

All in all, the price was a 3.77% decrease from its last thirty-day value. This was, however, relatively steady as compared to other layer-one protocols.

Source: CoinMarketCap

Moving into the fourth quarter (Q4), VET investors may need to consider the happenings in the VeChain ecosystem. According to Santiment data, VET’s development activity has brought more positives since 29 September.

At press time, VET’s development activity was 0.54, meaning there was more activity concerning the VET blockchain lately. As for its