The Growth of Vela Exchange

    VELA Exchange is a new decentralized Arbitrum chain exchange offering various trading options and advanced features. The platform's recent roadmap includes a possible airdrop, which has attracted many new users and boosted trading volume.

    This analysis focuses on VELA Exchange, a new project launched on the Arbitrum chain that has recently gained popularity. VELA is a decentralized, fully on-chain order book exchange allowing spot and perpetual trading and a peer-to-peer over-the-counter trading platform.

    Users can currently engage in various activities on VELA, including staking USDC to earn VELA, depositing USDC for trading, and accessing advanced trading features. The platform's advanced trading features include limit orders, stop-loss orders, and take-profit orders, which allow traders to manage risk and optimize their trading strategies.

    Recently, the VELA team released their roadmap, which outlines their plans for the platform's development. One notable feature in the roadmap is the possibility of an airdrop, which could attract even more users to the platform.

    Recently, there has been a significant increase in trading volume on VELA as more users have discovered the platform and started using its various features. This surge in trading volume is a testament to the growing interest in decentralized exchanges and the potential of the Arbitrum chain.

    Analyzed by Hess - Reading Time Almost 10 Min

    The Vela Exchange protocol is one of the frontrunners of DeFi trading, with heavy investment backing from Jade Protocol. Users can trade any of their supported tokens with a leverage option of 30x while they are permitted to do perpetual swapping.

    An important feature of this platform is the successful fusion of centralized and decentralized exchanges on a single platform. Users can place buy orders on the decentralized exchange, set stop losses, and more.

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    After reviewing Vela Exchange, I found its contract address to be 0x5957582f020301a2f732ad17a69ab2d8b2741241. I conducted some transactions and monitored the transaction hashes on Arbitrum Scan. I noticed that trading and staking deposits were processed through this contract address. However, there is a difference between the two types of deposits. When users stake their USDC on Vela Exchange, a new token is minted by Vela. Conversely, when users deposit for trading, nothing is minted. Therefore, I was able to distinguish between these two activities.

    Since users deposit their USDC for trading, there is no data on liquidation. As a result, I only tracked positions created by users on Vela Exchange.

    My Sample Transactions: https://arbiscan.io/tx/0xcf19608309fce5630e6a10320ec9c6d2fc05a3b081622bb5214cde17d5680443 https://arbiscan.io/tx/0x3030aa08d32c09126d77d765a4bdca77cd25624bb0125aae4a28ca1a930442ca

    Intro
    What is Vela Exchange?
    Vela Airdrop

    Vela has announced that they will conduct an airdrop. According to the Vela Whitepaper, 10% of the $VELA token supply will be set aside for marketing rewards, including airdrops, limited to 2% per fiscal year.

    Vela has also hinted that they will airdrop $VELA tokens to users who participated in the open-access beta, with larger trading volumes potentially yielding a larger airdrop.

    Vela is approaching Beta Phase 3, which will start on March 6th, 2023. Beta testers will be able to qualify for a participation NFT and an airdrop. Although Vela has not yet provided details on how to become an eligible beta tester, they are likely to announce it on March 6th.

    Overview
    Method
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