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VeChain, a Shanghai-based blockchain service company, and its foundation VeChain
Foundation announced on the evening of the 9th that VeChain has become the first official Layer 1 blockchain partner of the U.S. Ultimate Fighting Championship (UFC).

According to Sports Business
Journal sources revealed that the deal is worth nearly $100 million and has a term of at least five years, which will make VeChain one of the largest global top sponsors in the history of the mixed martial arts (MMA) circuit.

 **cooperative contents**

The partnership with VeChain is the latest step in the UFC’s friendship with the cryptocurrency industry. In April, Crypto.com announced that it would pay UFC fighters prize money in Bitcoin (BTC).

According to the announcement, this partnership will be launched on June 11. VeChain will integrate with UFC’s key assets, including live events (including broadcast functions and in-field promotions), as well as jointly develop a variety of UFC talents and athletes. Featuring original content, which will be promoted across UFC social media channels and digital platforms.

In addition, VeChain will also have a brand image in the UFC's iconic Octagon in multiple events. The event is watched by more than 900 million households in 175 countries/regions.

Lu Shun, founder and CEO of VeChain, said: This is a historic moment. VeChain is the Layer 1 public blockchain with the highest adoption rate among enterprises. It joins forces with the fastest-growing movement to raise people’s awareness of blockchain technology to help realize the goal. awareness of the importance of major global goals such as sustainable development.

 **VET token increased by more than 8%**

Inspired by the good news of the cooperation, the platform's native token VET rose from US$0.0307 to a maximum of US$0.0332 within 6 hours on the evening of the day, with an increase of more than 8%. It is currently down to US$0.0298 as of press time, with a 24-hour drop of 5.19%.

 **What is VeChain**

VeChain was established in 2015 and subsequently developed its own public chain VeChain.
Thor is an EVM-compatible Layer 1 smart contract platform that provides blockchain solutions to many companies around the world. Previous partners include Walmart, Bayer, and BMW Group. It has been deployed in many fields such as supply chain, sustainable development plan, carbon emission management, automobile, medicine, energy and so on.

VeChain adopts a dual-token mechanism. VET is the native token of VeChain's platform, and VTHO is a gas token (such as Ethereum's Gasfee) suitable for transactions on the VeChain Thor blockchain.