Discover Why a US Congressman Invested in Velodrome Cryptocurrency
In a surprising move that caught the attention of many, US Congressman Mike Collins (R-Georgia) recently revealed that he acquired $15,000 worth of Velodrome, a lesser-known cryptocurrency.
- The investment brought Velodrome, with a market capitalization of approximately $150 million, into the spotlight.
- The VELO token of the project currently trades around 0.1169, marking a 15% increase in a 24-hour period according to CoinGecko.
Understanding Velodrome
Velodrome Finance, which emerged from the Solidly project in June 2022, aims to enhance liquidity for DeFi protocols on Layer 2 solutions.
- The platform leverages a “vote escrow” system inspired by Curve Finance and Olympus DAO to promote long-term holding through staking, rebasing, and bonding.
- It addresses key DeFi issues like balancing protocol emissions with fees and discouraging the “farm and dump” trend by offering rewards.
The VELO Token
At the core of Velodrome’s ecosystem is the VELO token, initially disseminated among community members, partner protocols, the Velodrome team, and the Optimism team.
- VELO holders earn transaction fees, bribes, and rebase rewards.
- Locked VELO can be converted to veVELO, enabling users to vote on pools and influence protocol decisions.
The Velodrome Roadmap
Velodrome Finance’s upcoming roadmap includes plans for automatic interest accrual, a Uniswap V3-based liquidity feature, metapool integration, and trading, lending, and borrowing of “veNFTs.”
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