Velodrome - the largest decentralized exchange (DEX) on layer 2 network Optimism (OP) - will upgrade June 15 to its second version, an entire redesign of the protocol aimed at improving end-user experience and security as well as simplifying smart-contract architecture.

The second iteration of Velodrome will include several new features, including a frontend that was rebuilt from scratch, customizable pool fees that allow for dynamic voting rewards and concentrated liquidity pools.

The price of VELO - the native utility token for Velodrome used to reward liquidity providers - has declined about 8% in the past 24 hours to 8.8 cents at press time, data from CoinGecko shows. Velodrome’s total value locked stands at more than $230 million, a roughly 4% decrease in the past week, per DefiLlama.

According to a blog post, the upgrade will provide “additional fuel to Velodrome’s flywheel through increased fee capture and setting a new standard for low-slippage and liquidity management.”