- Velodrome is upgrading to its second version, a complete software overhaul, on June 15.
- The price of VELO has dropped around 8% in the past 24 hours to $0.088 at press time.
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.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.