Overview of Velas Blockchain

Velas is hailed as the world's fastest EVM (Ethereum Virtual Machine)/eBPF (extended Berkeley Packet Filter) hybrid blockchain. This innovative architecture gives Velas a unique performance advantage, far surpassing traditional blockchains.

Hybrid blockchain model

Velas combines EVM and eBPF technologies. EVM is known for its wide application and compatibility with various applications, while eBPF is a highly flexible tool originally used for Linux kernel optimization, which has been transformed for advanced transaction and smart contract processing technologies. This hybrid architecture enables Velas to significantly improve scalability and processing speed while maintaining compatibility with existing Ethereum applications.

Integration with Solana technology

Velas adopts an improved Solana blockchain architecture. Solana is known for its extremely high throughput, supporting over 65,000 transactions per second through its innovative Proof of History (PoH) consensus mechanism. By integrating Solana's underlying technology, Velas enhances its own transaction processing capabilities. This integration enables Velas to achieve speeds of up to 75,000 transactions per second with instant finality, while significantly reducing the costs typically associated with high-speed blockchains.

Performance improvement

• Speed: The integration of Solana technology enables Velas to process an extremely high number of transactions per second, which is a key factor in the scalability of blockchain technology.
• Cost: Velas maintains extremely low transaction fees, which is crucial for the practical application of blockchain technology in daily business and personal transactions.
• Security: The hybrid model enhances the blockchain's resistance to attacks and failures without sacrificing security.

Advantages of Velas hybrid model

Developers can use Solidity, the main programming language of Ethereum, to build and deploy applications directly on Velas without significant changes. This easily migratable feature has attracted more developer communities who hope to enjoy higher performance without needing to learn a new programming language. Velas' speed and cost-effectiveness improve user experience, enabling transactions to be almost instantly completed with minimal fees, which is crucial for the widespread application of blockchain technology.

This hybrid model solves the long-standing scalability issue of blockchain, especially those that are solely based on EVM. Therefore, Velas has become an ideal platform for developers seeking efficient scalable applications.

VLX Token Mechanism

VLX Token is the native cryptocurrency of the Velas blockchain, which plays multiple key roles in its ecosystem:

Trading
VLX serves as the primary medium of exchange for paying transaction fees within the Velas network. This includes the costs of smart contract execution and network operations, ensuring efficient transaction processing.

Staking
VLX tokens are staked by validators participating in the network consensus mechanism. Staking VLX not only helps validators have a vested interest in correctly processing transactions to ensure the security of the network, but also helps maintain the integrity of the network. Validators and token holders who stake their VLX tokens will receive staking rewards. As an incentive for participating in the Proof of Stake (PoS) consensus mechanism, these rewards support the operation and security of the blockchain.

Governance
Holding VLX tokens gives users voting rights in Velas blockchain governance. Governance roles include voting on various proposals that may affect blockchain development, operational parameters, and the introduction of new features or policies. Through governance, VLX token holders can directly influence the decision-making process and promote a decentralized and community-driven approach to blockchain management. This model promotes transparency and empowers the community to play a significant role in shaping the future of the blockchain.

Ownership Plan

On the Vela platform, the ownership of $esVELA to $VELA follows a 6-month linear plan, during which the staked $esVELA cannot receive rewards. Within these 6 months, the deposited $esVELA will continue to unlock, while also providing an option for accelerated ownership, which may involve a certain proportion of burning, thereby affecting the total amount of tokens that can be claimed. This approach ensures users' long-term commitment to the platform, while providing a certain degree of flexibility in the speed of accelerated ownership.

• Community incentives account for 30%, used for various rewards such as LP issuance and test rewards, with an annual issuance limit of 5%.
• The growth fund accounts for 19%, used for grants, liquidity support, and expansion, with a maximum annual issuance of 10%.
• Marketing accounts for 5% and is used to fund marketing activities and partnerships to support advocacy campaigns. The core team makes up 16% and includes a 6-month lock-in period, followed by a linear vesting period of 36 months from onboarding.
• The cross-chain part of DXP accounts for 18%. Tokens that have been cross-chained before June 1, 2023 can be exchanged for VELA at a ratio of 1:1.
• Investors and partners hold 10%, reserved for future investments, following the designated ownership plan.
• The advisory part accounts for 2%, including a 6-month lock-up period, as well as an 18-month linear vesting period from the start of employment.

Financing Plan

$100 million funding program
Velas has launched a $100 million funding program aimed at driving development on its blockchain platform. The program aims to introduce advanced technology and attract innovative projects, helping to solidify Velas' position as a leading blockchain in terms of speed and efficiency. The program includes a structured application process, which involves multiple rounds of review and face-to-face meetings with the founders to ensure alignment with Velas' strategic goals.

5 million dollars funded project
In addition to the large-scale funding program, Velas has also launched a $5 million grant program, focusing on expanding its ecosystem and supporting new Web 3.0 projects. The program is open to a wide range of blockchain projects, particularly in the DeFi, NFT, and gaming sectors, with individual projects having the opportunity to receive grants of up to $100,000.

Velas Network raises $135 million in funding
The Velas network has raised $135 million in funding through a partnership with the Bahamas-based digital asset investment firm GEM Group to support the widespread application of blockchain technology. This round of financing aims to accelerate ecosystem growth and further drive platform development.