VELIC: Digital Exchange Built On the ICON Network
VELIC is the first exchange to launch within the growing ICON ecosystem! This is significant and I wanted to take a deeper look into VELIC. I had conversations with VELIC to discuss information and wrote this article based on the information I can share in public forum, as well as publicly available information / articles! I hope you enjoy this article and I encourage other ICON ecosystem partners and DApps to please reach out to me if you would like me to cover your project. I enjoy learning about the individual DApps and ecosystems partners that together make ICON great!
VELIC stands for: Vault, Exchange, Loan, Investment, and Crypto asset (more details of these specific areas of expertise and functionality can be found on their webpage). Fig. 1 shows a visual representation of the services VELIC offers. VELIC aims to reset the financial landscape, providing a decentralized opportunity for the masses, compared to traditional centralized financial systems. In doing so, VELIC needs a suitable smart contract platform to build on. To quote a previous article regarding VELIC’s choice of platform, “Our team reviewed Ethereum, EOS, Hyperledger, and Qtum, however, we ultimately decided to develop on the ICON’s loopchain. Not only will ICON’s loopchain enable VELIC to scale to enterprise-level, but conversely VELIC will help expand ICON’s ecosystem as well.” VELIC and ICON entered a strategic partnership in 1Q2019, helping to benefit and expand the ICON ecosystem and raise Velic to a global leader.
Since the VELIC exchange opened on March 25th, a tracking of user entry to the VELIC exchange spawns from keywords primarily of “icon”, “icx”, and “velt,” according to information obtatined from VELIC. This shows immediate benefits of the partnership driving Icon traffic to VELIC exchange visibility. Additionally, ICON has supported VELIC publicly in social media, as well as much of the ICON community. Personally, if you’re in ICON, I would encourage everyone to look at VELIC. If you have the opportunity to trade on VELIC or a competitor exchange and are an ICON supporter, it makes a lot of sense to trade on VELIC and support the ecosystem. (Note that trading involves significant risk and is not suitable for everyone. This is not financial advice: please see my disclaimer at the bottom of this article).
VELIC is new and has does not have the same level of crypto pair offerings that Binance has, however, they are adding more. Specifically, VELIC is planning to add additional ICX trading pairs and also include more of ICON DApp tokens in their trading. This will further enhance the ICON ecosystem. VELIC is the first to setup the new ICX/LEO pair on their exchange platform, with ICX/BNB soon to follow!
ICX volume is consistently in the top of of the VELIC exchange trading volume, as seen in Fig. 2(image from CoinGecko, as of Friday, 12 July 2019).
According to CoinGecko, the 24H volume for ICX/USDT from a period ranging over July 11–12 shows nearly $1,000,000 in ICX/USDT volume! By comparison, Binance ICX/USDT pair volume was roughly $1,500,000 for the same period. Binance has been around much longer than VELIC, so this is impressive to see VELIC at a roughly 2/3 ratio of volume to Binance. VELIC is also listed as #132 in rank, which is quite impressive for an exchange that has only been operating for a few months.
VELIC plans to continue to grow the exchange in the future through increasing functionality and also growing the value in Velt, which is the token that represents the exchange, similar to BNB for Binance. Current plans for the exchange services include:
· New product — already launched Buy Crypto with Credit Card and Crypto Loan Service (Deposit BTC as collateral to VELIC Account)
· Staking service for ICX market
· Coin-related information (e.g. VELIC index is designed to show the trend of the crypto market at a glance on the portion of market capilization and the results of coins grouped by sector).
· Add more trading functionality
· Add IAO / IEO / Listing features
· Improve Fee System (Staking for VIP rate)
· Additional FIAT (TBD)
In conclusion, VELIC is a recently launched financial system within the ICON network. VELIC has a superb team and has seen positive results initially since launching a few months ago. The strategic partnership between ICON and VELIC stands to benefit both parties. I look forward to seeing the continued growth and success of VELIC!
Disclaimer: This is not financial advice. Everyone must do their own research when it comes to investing and make their own decisions. Investments come with risk, and cryptocurrency investing is no different and comes with risk as well. Do your due diligence and research and if you do invest, do not invest with money you cannot afford to lose. Exchanges offer great services but can fail or be hacked, resulting in loss of funds or cryptocurrency stored on the exchange.