Vela Exchange’s Transaction Volume Exceeds GMX
On February 21, it was reported that in the past 24 hours, the transaction volume of Vela Exchange, an ecological native DEX project of Arbitrum, reached $341 …
On February 21, it was reported that in the past 24 hours, the transaction volume of Vela Exchange, an ecological native DEX project of Arbitrum, reached $341 million, while the transaction volume of GMX in the same period reached $111 million (including Arbitrum and Avalanche networks). Vela Exchange is designed with a mechanism similar to GMX and is still in the testing stage.
In the past 24 hours, the turnover of Arbitrum Ecological DEX Vela Exchange has exceeded US $340 million
Interpretation of the news:
Vela Exchange is a decentralized exchange (DEX) project of Arbitrum, known for its ecological and native design. Recently, in the past 24 hours, the transaction volume of this platform has reached $341 million, which is a significant milestone for a platform that is still in its testing stage. With this achievement, Vela Exchange has surpassed GMX, another DEX project that operates both on Arbitrum and Avalanche networks, whose transaction volume in this same period was $111 million.
The surge in transaction volume for Vela Exchange can be attributed to its innovative mechanism similar to that of GMX. Decentralized exchanges are popular in the cryptocurrency industry, and Vela Exchange and GMX are two of the popular ones. These exchanges allow peer-to-peer trading of digital assets without need for intermediaries, which improves transaction speed, security, and reduces cost. Both exchanges have a mechanism that enables traders to earn tokens for providing liquidity to the platform. This mechanism is referred to as liquidity mining, and it encourages traders to deposit assets to the pool, which gets traded automatically by the platform’s algorithm.
Vela Exchange, however, has been successful in outperforming GMX, thanks to its unique mechanism that incentivizes traders for trading frequently on the platform. It offers one of the highest incentives in the industry by rewarding frequent traders with VAL tokens, the platform’s native token, which allows users to participate in governance decisions and earn a share of transaction fees. Vela Exchange has also earned the support of large blockchain networks like Ethereum, which enabled it to integrate smart contract solutions and support the integration of other digital assets.
In conclusion, the rise of transaction volume in Vela Exchange, which exceeded GMX, shows that the platform is a force to reckon with in the decentralized exchange industry. Its unique mechanism and ecosystem have attracted many traders, and its future prospects look bright, especially as it continues to develop its infrastructure and adds new features. The market share of decentralized exchanges is expected to grow in the coming years, and Vela Exchange is positioning itself as an innovative platform that traders can rely on for secure and fast trading of digital assets.
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