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Velodrome (VELO) up 56% as Optimism's Major DEX Achieves Listing on OKX

Thu, 03/16/2023 - 13:03
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Gamza Khanzadaev
Optimism's Velodrome (VELO) spikes almost 60% after listing on major exchange
Velodrome (VELO) up 56% as Optimism's Major DEX Achieves Listing on OKX
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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.

VELO to USD by CoinMarketCap

Optimism (OP) Welcomes New Hard Fork, Here's What You Need to Know

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 (OP) Bedrock to Reduce Network Fees by Almost 50%: Analysis

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).

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.