Velodrome (VELO)

From CryptoWiki

Velodrome is a DEX and liquidity marketplace on the Optimism layer two (L2).

Basics

History

Audits & Exploits

Bugs/Exploits

"On August 4, 2022 A malicious insider stole $350K from Velodrome Finance."

Governance

Admin Keys

DAO

Treasury

Token

Launch

Token Allocation

Utility

At the heart of Velodrome is the protocol’s ERC20 utility token, VELO, and its ERC721 governance token, veVELO ⁠— a.k.a. a veNFT.

Other Details

Coin Distribution

Technology

  • Whitepaper or docs can be found [insert here].
  • Code can be viewed [insert here].

Implementations

How it works

"The project has been described as a combo between leading stable liquidity protocol Curve, Andre Cronje’s infamous Soldily, and Votium (a protocol for earning bribes on Curve/Convex).

  1. Curve because Velodrome is similarly designed to offer low fee, low slippage trades and similarly uses a CRV-like vote-escrowed gauge system for facilitating its token emissions.
  2. Solidly because Velodrome has adopted Solidly’s innovative use of gauge voting to incentivize trading fees (as opposed to how Curve’s CRV emissions incentivize passive liquidity) and Solidly’s “vote-escrowed NFT,” or veNFT, model.
  3. Votium because Velodrome has an in-built bribe system where people or projects can deposit tokens to incentivize gauge votes for their liquidity pools of choice."

Fees

Upgrades

Staking

"VELO, like CRV, is emitted on a rolling basis and is used to reward Velodrome’s liquidity providers. Holders can vote-escrow, i.e. lock up, their VELO to receive veVELO and participate in the project’s governance, which entails voting for which liquidity pools should receive VELO rewards.

Like CRV, you’re able to lock your VELO for up to four years, and the longer you lock for, the more voting power you receive.

  1. Velodrome liquidity providers earn VELO emissions
  2. veVELO holders vote on which liquidity pools receive these VELO rewards, and pools earn in proportion to the voting power they accrue per epoch, i.e. each week
  3. veVELO holders then earn from the trading fees generated by the pools they voted for in proportion to their voting power
  4. Finally, veVELO holders also earn from the bribes paid out to the pools they voted for, as well as from veVELO rebases which are non-dilutive, meaning veVELO holders receive veVELO from them rather than VELO"

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

"Launched on June 1st, 2022, Velodrome has gone on to amass a +$123M TVL in less than two months and become one of Optimism’s most popular dapps in that span."

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

  • Full team can be found [here].

Funding

Partners

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