Ouyi OKEx launches VELO: the increase exceeds 100%, and the top-up transaction wins 10 iPhone 12
On March 8, OKEx announced the listing of Velo (VELO), and launched three major activities simultaneously: recharge VELO, win 10 iPhone 12; VELO trading ranking competition, share 100,000 US dollars of VELO; VELO prize pool.
According to public information, Velo is a financial protocol built on the Stellar blockchain network, which can provide enterprises with digital credit issuance and borderless universal assets through the smart contract system. With the support of Stellar Network and CP Group, Velo currently mainly provides services to ecological partners in Southeast Asia.
According to the vision, Velo is creating a fully interoperable network so that its trusted business partners (such as enterprises, banks, e-banks, deposit and withdrawal networks, e-wallets, DeFi protocols, etc.) Simple way to conduct frictionless value transfers. In the future, the Velo protocol will introduce more practical examples, including borrowing, lending, staking, etc.
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Backed by Thailand's largest consortium, it wants to compete with Ripple
The cross-border payment track has always been a battleground for military strategists. There was Ripple in the front and Stellar in the back. Not only is the business scale considerable, but it also ranks among the top ten in the cryptocurrency market value list all year round.
Competing with these two giants will not be easy for latecomers. However, popular player Velo is determined to win.
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Source: Velo white paper
Since its establishment in 2018, the project has been supported by the Chinese multinational giant and Thailand's largest business group, the Chia Tai Group. On the one hand, Chia Tai directly invested USD 20 million in Velo; on the other hand, the group uses Velo for fund management, trade financing and settlement, and uses finance, retail, supply chain, telecommunications, real estate, media, pharmaceuticals, agriculture, animal husbandry, food and many other Three business lines provide support for Velo.
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Source: Velo white paper
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Source: Velo white paper
From the perspective of development planning, Velo’s vision is actually much bigger than Ripple’s. However, in the first stage, Velo focused on cross-border payments and still regarded Ripple as a competitor.
Tridbodi Arunanondchai, vice chairman of the Velo protocol, said bluntly in an interview with ChainDD recently that Velo has the confidence to compete with Ripple and even the SWIFT system in terms of technology and support. With the support of many business partners such as Chia Pokphand Group and Visa, Velo will be able to empower the payment market in Southeast Asia, and then achieve a wide range of commercial implementation.
TokenInsight previously rated Velo as BB, with a stable outlook. Important partners such as Lightnet can play a good supporting role in Velo. The subsequent development of Velo is closely related to the expansion of its future ecological network.
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The opening rose more than 100%, what is the future value of VELO?
On March 8, OKEx officially launched VELO. According to the market, VELO opened at US$0.9 and rose to US$1.87 within 5 minutes, with a maximum increase of more than 100% at the opening, which shows its market enthusiasm.
The reason is that in addition to the high quality of the Velo project itself, the wealth creation effect of Ouyi OKEx should not be underestimated. According to statistics, in the past two months, Ouyi OKEx's online projects have recorded good growth. In addition, this time it is the first listing on a top exchange, and it is natural for VELO to skyrocket at the opening.
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Activity 1: Recharge VELO, win 10 iPhone 12
Within 48 hours of opening VELO recharge, for every 300,000 US dollars of VELO recharge on the OKEx chain, an iPhone 12 (10 in total) will be randomly drawn according to the recharge record on the chain.
Description of the activity: Users who recharge VELO to OKEx can automatically participate in the lottery without any additional operations;
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Source: OKEx official website
Activity 2: VELO trading ranking competition, share 100,000 US dollars in VELO
During the event, OKEx users who participate in VELO currency trading and have a cumulative transaction volume of not less than 1,000 USDT can share a VELO prize pool of 100,000 US dollars according to the ranking according to the cumulative transaction volume (buy + sell).
Activity 3: VELO pending order mining, share 100,000 USD VELO prize pool
During the activity period, the platform will take a snapshot of the VELO/USDT transaction pair every minute, record the amount of pending orders for the top 50 buy orders and the top 50 sell orders, and the transaction fee for the VELO/USDT currency pair within the current minute, calculated every minute The mining income will share a total prize pool of 100,000 USDT.
After a series of activities, VELO is expected to continue to attract market attention. So, what is the future value of VELO?
Let’s first look at the description of Velo’s white paper: VELO token is a utility token that can be used to execute smart contracts or serve as collateral for value transfer, thereby providing protection for digital credit settlement issued within the ecosystem. As the demand for digital credit grows, more business partners and users join, and the transfer volume increases, the value of VELO tokens will also rise accordingly.
Let’s take a look at the rating agency TokenInsight’s evaluation:
1. The application scenarios and market pain points targeted by Velo are clear, with a good possibility of landing, and good potential for future commercial promotion;
2. The Velo team has a good background. The core team members have an average of more than 10 years of work experience in traditional industries such as finance, graduated from well-known universities and have management experience;
3. The strategic partner has strong strength and can promote the project business. Lightnet, an important partner of the project, has a very good support for Velo;
4. The economic model of the project token is clear and the distribution is reasonable. A relatively high proportion of tokens are used for future ecological construction and community development, and the unlocking rules for tokens are clear.
In a nutshell, based on the stellar network, Velo can build a network and polish products well, and relying on Chia Tai Group can better expand partners and implement product applications, all of which will ultimately empower VELO.
