The price of Velodrome Finance's token, VELO, jumped more than 56% on the announcement of a listing on major crypto exchange OKX. The token will be available for trading starting tomorrow, but deposits are open now.
Interestingly, the price of VELO managed to rise by 15% in the hours before the listing was officially announced. The main momentum, however, occurred at the time of the announcement, when the price of the token went clearly from $0.18 to $0.23, where the first sales began.
The OKX listing is VELO's largest to date. The Velodrome Finance project itself is the largest decentralized finance platform on the Optimism (OP) network. According to DefiLlama, the platform's total value locked is estimated at $269.42 million, which is 28.19% of Optimism's TVL. What also draws attention is that this figure for Velodrome Finance has increased by more than 30% in the last month.
Optimism itself currently ranks seventh among all blockchains in terms of TVL and volume of funds on all decentralized exchanges on its chain over the past 24 hours. On the one hand, this could be considered a success, but a look at the full ranking shows that all of the main competitors — Polygon (MATIC), Avalanche (AVAX) and Arbitrum (ARBI) — are above and "closer to the body," which is Ethereum (ETH).