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What coin is VLX (Velas)? What is VLX (Velas)

VLX, the native cryptocurrency of Velas blockchain, facilitates high-speed transactions and supports diverse applications in DeFi, smart contract development, and network governance.

Oct 09, 2024 at 11:00 am

What is VLX (Velas)?

1. Definition

VLX (Velas) is the native cryptocurrency of the Velas blockchain, a decentralized, high-speed, and scalable blockchain platform designed for Web3 applications, dApps, and DeFi protocols.

2. Features and Applications

VLX has several unique features and applications, including:

Proof-of-Stake (PoS) consensus: Velas uses a PoS consensus mechanism for fast and energy-efficient block validation.
Ultra-fast transaction speeds: The Velas blockchain can process over 75,000 transactions per second (TPS) with extremely low latency.
Scalability: Velas implements several scaling solutions, including sharding and parallel processing, allowing it to handle increasing transaction volumes.
Smart Contract Capability: Developers can build and deploy smart contracts on the Velas blockchain, enabling the creation of decentralized applications (dApps).
DeFi Integrations: VLX is integrated with various DeFi platforms, supporting staking, yield farming, and lending.

3. Use Cases

VLX is used for various purposes within the Velas ecosystem:

Transaction fees: VLX is the primary currency used for paying transaction fees on the Velas blockchain.
Staking: VLX holders can stake their tokens to earn rewards and support network security.
Governance: VLX holders participate in governance decisions through a decentralized autonomous organization (DAO).
Gas fees: Developers use VLX to pay for gas fees when deploying and executing smart contracts.

4. VLX Token Economics

Token Supply: 2 billion VLX
Distribution:
- 60% for community distribution
- 30% for platform development
- 10% for team and advisors
Token Use:
- Block rewards
- Staking rewards
- Transaction fees
- Governance

5. Conclusion

VLX (Velas) is the native cryptocurrency of the Velas blockchain, providing fast, scalable, and low-latency transactions. It has various applications in DeFi, smart contract development, and network governance. With its unique features and use cases, VLX plays a crucial role in the Velas ecosystem, empowering developers and users to build and interact with decentralized applications efficiently.

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