Vela V2 marks a significant leap forward in the Vela infrastructure, introducing powerful new capabilities for traders, liquidity providers, and other users.
This upgrade not only enhances the Vela ecosystem but also extends support to our partners, starting with L3X — a Layer 3 solution launching its own perpetual DEX powered by Vela technology.
What will Vela V2 include and when is it coming?
Tokenomics Enhancements
One of the key highlights of Vela V2 is the enhancement in tokenomics. Users will now be able to lock VELA for esVELA directly on our app, rather than just on the contract.
This simplifies the process and adds more flexibility. Additionally, the vesting period for esVELA is significantly reduced from 12 months to 6 months, offering users a chance to vest quicker if they choose.
For example, if a user decides to vest 100 esVELA over 30 days instead of the standard 180 days, they will receive 33 VELA at the end of the period, sacrificing 66 VELA. This flexible vesting option allows for better liquidity management and quicker access to VELA tokens.
Moreover, during the transition phase, 15% of platform rewards will be directed exclusively to esVELA stakers.
Users will also be able to convert their VELA to esVELA with a 5% bonus, ensuring that the potential loss from early vesting redemption is not greater than the initial bonus.
Governance Voting
For the first time, Vela V2 will introduce governance, with esVELA and VELA holders gaining the ability to vote on governance proposals.
This gives users more influence over the platform’s development and future direction. However, it’s important to note that vesting esVELA will not have voting rights or be able to collect staking rewards.
Staking Page Simplification
Our staking page will feature three options to enhance user engagement and flexibility:
- VLP for minting, redeeming, staking, and unstaking.
- esVELA for minting, vesting, staking, and unstaking.
- VELA-ETH for providing liquidity to the Nitro Pool at Camelot or Ramses, complete with APR display and in-house contract calls.
VLP Integrations into AAVE
Since its official launch on June 28th, VLP has been performing exceptionally well in various market conditions, consistently delivering impressive yields to stablecoin LPs on Vela and empowering traders with robust liquidity.
Now, with the integration into AAVE, VLP will continue to excel in its core functions while adding approximately an additional 7.5% to VLP staking. Stake your stablecoins for a return that has often exceeded expectations– over 20% in real yield.
This integration enhances liquidity and offers improved yield opportunities for our users, making the yield even juicier and further solidifying VLP’s position as a premier yield-producing asset in the DeFi space.
Completely New User Interface
The user experience is set to improve dramatically with a completely new user interface.
This redesign aims to streamline navigation and make the platform more intuitive, ensuring a seamless experience for users.
Keep an eye out on our X profile, we will be revealing some teasers of the new UI soon.
CSV Exports of Trading History
Users will be able to export their trading history in CSV format, simplifying record-keeping and analysis.
This feature will be particularly useful for traders who need detailed records for tax purposes or personal analysis.
Chatbox on Trade Page
A new chatbox on the trade page will allow real-time communication and shitposting with other traders. Do you remember the OG chatbots from Bitmex or even the Poloniex chatbot?
Chatboxes are fantastic for fostering conversation, and we’re thrilled to bring this feature to Vela.
This addition will allow users to discuss strategies and share insights directly on the platform, creating a more interactive and supportive trading community.
We can’t wait for you to experience it.
500,000 $ARB Prize Pool Grand Prix Season 3
The introduction of a 500,000 $ARB prize pool in GP3 is set to incentivize participation and reward active users.
This significant prize pool, part of another STIP grant, is designed to attract more traders and enhance the competitive spirit within the Vela community.
We are excited for these rewards to power up the third season of the Grand Prix.
In this edition, we are applying all the lessons learned from Season 1 and Season 2, aiming to bring you the best experience yet.
Missions
Missions will offer a novel way for users to earn credits and wager VELA, adding a gamification element to the platform that makes trading more fun. As a new addition in GP3, you will have the opportunity to complete various daily missions.
These missions will be super interactive on the UI and will complete change the way you play the next Grand Prix.
We are sure you will love this new feature as it brings an exciting and rewarding dimension to your trading activities.
ChainLink Integration
The integration with ChainLink will provide reliable oracle services, ensuring accurate and secure data feeds.
This collaboration strengthens our infrastructure, guaranteeing that traders have access to trustworthy market data essential for a smooth trading experience.
Infrastructure Improvements and Redundancies
Infrastructure improvements and redundancies, including enhancements with GoldSky and Vite, will ensure robust and reliable operations.
These upgrades are designed to enhance the overall stability and performance of the Vela platform, making it more efficient and seamless than ever before.
Timeline
We are excited to announce that Vela V2 will be officially released on July 8th, 2024.
Comprehensive audits of the new features have been completed and will be publicly available, ensuring transparency and security for all users.
L3X Adoption of Vela V2
L3X will officially utilize the Vela V2 platform to power its native perpetual DEX.
This monumental partnership will enable the L3X ecosystem to scale its leveraged trading capabilities, offering traders an on-chain experience similar to centralized exchanges.
What’s Next?
As we move forward, we are just scratching the surface of what 2024 holds.
Vela V2 is the beginning of our commitment to delivering cutting-edge trading solutions and robust infrastructure for our users and partners.
Stay tuned for more exciting announcements and innovations in the coming months.
The future holds even more groundbreaking developments for the Vela ecosystem.
P.S. A Thank You Note to Our Core Contributors and Community
We extend our heartfelt thanks to our incredible core contributors who have been working tirelessly on delivering Vela V2 while simultaneously managing Grand Prix Season 2, building Grand Prix Season 3, and much more.
Every single contributor has played a crucial role in our success, and we are deeply grateful for your dedication and hard work. We are an extremely active group, continuously developing and innovating, and we remain super excited about the future of Vela and L3X.
We also want to give a big shoutout to our amazing community for their ongoing support and enthusiasm. Your participation and encouragement fuel our progress and inspire us to reach greater heights.
Thank you all for your commitment and contributions!
