Velocore is a DeFi protocol deployed on the zkSync network, built on Solidly and Velodrome Finance Based on this, it aims to provide users with safe, fast, low-cost transactions and provide multiple revenue growth opportunities. Velocore’s goal is to integrate different DeFi services into one platform, making them easy to access and use, thereby enriching zkSync Era’s DeFi landscape.

Two tokens have been launched on the Velocore platform, namely the ERC-20 utility token $VC and the ERC-721 governance token $veVC. Holders of $VC can choose to lock their tokens in escrow to earn $veVC, and the number of $veVC tokens earned will increase as the locking time increases.

Currently, Velocore mainly includes the following functions:

Swap: The core function of Velocore is to allow users to trade with low fees and low slippage For transactions, Velocore currently supports fast exchange of multiple cryptocurrency trading pairs, such as ETH, BUSD, USDC, VC, IBEX, etc. Velocore provides two different liquidity pool types based on demand, namely Stable Pool and Variable Pool, among which:

The Stable Pool is designed for little or no volatility. Designed for stable assets (mainly stablecoins), the liquidity function it adopts is x³y + y³x ≥ k. This means that even in the case of large transaction volume, users can still complete transactions with very low slippage

The change pool is designed for those assets with greater volatility. It is similar to what we usually see. Like most liquidity pools, it uses the AMM mechanism, and its function is x * y ≥ k

Liquidity: Velocore’s Liquidity/Yield Farming function provides users with many revenue growth opportunities. 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 by using a new revenue distribution model, which we will cover in detail later.

Launchpad: Velocore’s Launchpad is a startup project incubation platform based on the Velocore ecosystem. It is designed to help new projects easily obtain community support and funding, and provide a way for investors to access and participate in new projects.

In addition to the above functions, Velocore also includes functions such as Governance, Bridge and Staking, and there are plans to launch lending functions in the future to further enrich the entire ecosystem. In addition, Velocore also has a relatively complete Airdrop plan. Users only need to complete a certain amount of transactions on the platform to be eligible to receive airdrop rewards, thus attracting more users to participate in the ecosystem. middle.

What is special about Velocore?

As we mentioned earlier, Velocore adopts a new revenue distribution model to ensure fair token distribution. This is due to certain drawbacks in the token emission model designed by Solidly. For example, the $SOLID earned by liquidity providers is gradually reduced at a rate of 2% per week. The reason for this design is to incentivize LPs to participate as early as possible, but it also causes early participants to gain unfair advantages and is not friendly enough to latecomers.

In order to solve these problems, Velocore adjusted the mechanism, and the emission rate was adjusted to 1% per week; at the same time, $veVC holders can also obtain a certain proportion of Rebase, and the calculation equation is (veVC.totalSupply ÷ VC.totalsupply)³ × 0.5 × Emissions, thus reducing the dilution of $veVC voting rights. This design can well balance the amount of emissions at each stage. Although early LP can still get more rewards, it still maintains a certain attraction for latecomers. This move ensures that LPs can receive relatively fair rewards and continue to receive stable returns 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, otherwise you will not be able to perform subsequent operations:

Switch network After that, you can experience the functions on Velocore, but first you need to ensure that you have enough ETH in your wallet to pay for the interaction; and if you do not have enough ETH, you can jump to the Era Bridge by clicking zkSync under Bridge Go to the official cross-chain bridge to bridge ETH to the zkSync Era network.

It should be noted that currently the entire process of bridging assets may take 20-30 minutes to complete, which is relatively inefficient. And because the link jumps to a third party, Velocore does not guarantee the results of bridging assets. It is recommended to conduct careful research before transferring assets!

After the asset bridging is completed, you can experience functions such as Swap and Liquidity on Velocore. Take Swap as an example. Similar to most DEXs, you can select the token you want to trade by clicking on the token or entering the token abbreviation and contract address. Currently, Velocore supports transactions of 12 tokens, including stablecoins. It should be noted that the gas fee for current transactions is similar to or even higher than that of the main network, which is not friendly enough to retail investors.

And if you complete a certain amount of transactions on Velocore or add enough liquidity, you will have the opportunity to receive an airdrop. You can click the Airdrop option to enter the airdrop page, where you can see the conditions required to obtain airdrops of different levels, and the amount of $VC that can be claimed will also be displayed on the lower right. After you complete the corresponding requirements, you can click the Claim button below to claim your “Small Launch”!