What is Velocore
Velocore is a DeFi protocol deployed on the zkSync network, built on the foundations of Solidly and Velodrome Finance. It aims to provide users with secure, fast, and low-cost transactions, as well as various opportunities for income growth. Velocore's goal is to integrate various DeFi services into one platform, making them easily accessible and easy to use, thus enriching the DeFi ecosystem of the zkSync Era.
Velocore has launched two tokens, namely the ERC-20 utility token $VC and the ERC-721 governance token $veVC. $VC holders can vote-escrow their tokens and receive a $veVC (also known as veNFT) in exchange, and the number of $veVC tokens obtained will increase as the vote-escrowed period increases.
Currently, Velocore primarily includes the following features:
Swap: Velocore's core function is to allow users to trade in a low-fee and low-slippage manner. Currently, Velocore supports swap of multiple cryptocurrency pairs such as ETH, BUSD, USDC, VC, IBEX, etc. Velocore provides two different liquidity pool types based on token pair needs, stable pools and variable pools, of which:
Stable pools are designed for assets which have little to no volatility (mainly stablecoins), using the liquidity function x³y + y³x ≥ k. This means that even in large trades, users can still complete transactions at a very low slippage.
Variable pools are designed for assets with greater volatility, and like most liquidity pools we see, use the AMM mechanism, with a function of x * y ≥ k.
Liquidity: Velocore's Liqduidity/Yield Farming feature provides users with multiple opportunities for income growth. By providing liquidity, users can participate in Velocore's many liquidity pools and receive token rewards. Unlike other DeFi platforms, Velocore ensures fair token distribution through the use of an upgraded emission model, which we will discuss in detail later.
Launchpad: Velocore's Launchpad is an incubation platform for startups. It aims to help new projects easily gain community support and funding, and provide investors with access to and participation in new projects.
In addition to the above functions, Velocore also includes Governance, Bridge, and Staking functions, and to expand Velocore's capabilities by launching a lending market and supporting other builders. Besides, Velocore has a relatively complete Airdrop plan, where users only need to complete a certain amount of transactions on the platform to qualify for receiving airdrop rewards, thus attracting more users to participate in the ecosystem.
What are the unique features of Velocore?
As mentioned above, Velocore adopts a new emission model to ensure fair token distribution. This is because the emission model of Solidly has certain drawbacks. For instance, the $SOLID earned by liquidity providers decreases gradually at a rate of 2% per week. This design was intended to incentivize LPs to participate early, but it also resulted in early participants gaining unfair advantages and being unfriendly to later entrants.
To address these issues, Velocore adjusted the mechanism, with the emission decaying at 1% per week (epoch). At the same time, $veVC holders can also receive a certain percentage of Rebase, calculated with the following formula: (veVC.totalSupply ÷ VC.totalsupply)³ × 0.5 × Emissions, thus reducing vote power dilution for $veVC. This design can balance the amount of emission at each stage, and although early LPs can still receive more rewards, it still maintains some attractiveness to later entrants, which ensures that LPs can receive relatively fair rewards and continue to earn stable income in the Velocore ecosystem.
How to interact with Velocore?
After opening the Velocore app, you need to first connect your wallet and switch to the zkSync Era network in order to proceed with further operations. Otherwise, you won't be able to carry out any actions.
After that, you can experience the features on Velocore. However, first you need to make sure that you have enough ETH in your wallet to pay for the transaction fees. If you don't have enough ETH, you can click on the zkSync Era Bridge under the Bridge section to go to the official cross-chain bridge and bridge your ETH to the zkSync Era network.
You should note that currently the entire process of bridging assets may take 20-30 minutes to complete, and the efficiency is relatively low. Additionally, as the bridging service involves jumping to a third-party link, Velocore does not guarantee the result of the asset bridging process, so it is recommended that you carefully study the process before performing any operations.
After the asset bridging process is completed, you can experience Velocore's Swap or Liquidity functions. Taking Swap as an example, like most DEXs, you can select the token you want to trade by clicking or entering the token symbol or contract address. Currently, Velocore supports 12 trading pairs, including stablecoins. Please note that the current gas fees for trading are similar or even higher than those on the mainnet, which may not be very friendly to individual traders.
If you have completed a certain amount of trades or added enough liquidity on Velocore, you might be able to receive the airdrop rewards. You can click on the Airdrop option to enter the airdrop page to check your eligibility.
Here you can see the requirements for obtaining different levels of airdrops, and the amount of $VC that can be claimed will also be displayed in the lower right corner. After you have met the corresponding requirements, you can click the Claim button below to claim your "Small Launch"!
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