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What can VLX (Velas) be used for? Comprehensive analysis of VLX (Velas) application scenarios

VLX (Velas) serves as the native token for the Velas blockchain, facilitating network transactions, staking, protocol governance, accessing dApps, purchasing computing resources, and speculation.

Oct 12, 2024 at 12:05 am

What can VLX (Velas) be used for? Comprehensive analysis of VLX (Velas) application scenarios

1. Network transaction fee payment

VLX is used as the native token to pay transaction fees on the Velas blockchain. Users need to pay VLX tokens to transfer value, deploy contracts, or interact with decentralized applications (dApps) on the Velas network.

2. Reward node provision

Users can stake their VLX tokens to become node providers in the Velas Proof-of-Stake consensus mechanism. Node providers help secure the network and process transactions. In return, they earn VLX token rewards based on the number of staked tokens.

3. Delegated betting

Users can delegate their VLX tokens to existing node providers to earn passive income. In return, node providers charge a percentage of their rewards for providing staking services.

4. Protocol governance

VLX token holders can participate in the Velas network governance by voting on proposals that seek to improve the network's functionality or update its parameters. The number of VLX tokens staked determines the voting power of each user.

5. Access to dApps

VLX tokens can be used to access certain dApps built on the Velas network. For example, the Velas Chain Explorer offers a premium subscription service that allows users to export data and view new features by staking VLX tokens.

6. Gas fee payment

VLX tokens are used to pay for gas fees on the Velas EVM, which is a platform for developing and deploying Ethereum Virtual Machine (EVM) compatible smart contracts. Gas fees are paid to node operators who handle the execution of these smart contracts.

7. Purchase of computing resources

VLX tokens are used to purchase computing resources from the Velas Compute Platform, a decentralized cloud computing marketplace. Users can use these resources to host websites, run applications, or store data.

8. Discounts on transaction fees

Users who stake their VLX tokens can receive discounts on transaction fees. The larger the amount of tokens staked, the larger the discount.

9. Trading and speculation

VLX tokens are traded on cryptocurrency exchanges, allowing users to speculate on its price and capitalize on market volatility.

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