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Takeaways
- On June 15, Velodrome will undergo a significant software upgrade, marking its second version and bringing a comprehensive overhaul to the system.
- At the time of writing, the price of VELO has experienced a decrease of approximately 8% in the last 24 hours, reaching $0.088.
Velodrome, the largest decentralized exchange (DEX) operating on the layer 2 network Optimism (OP), is set to undergo an upgrade on June 15th. This second version of the protocol entails a complete redesign, focusing on enhancing the end-user experience, bolstering security measures, and streamlining the smart-contract architecture.
The upcoming release of Velodrome will introduce a range of exciting enhancements. One notable improvement is the complete reconstruction of the frontend, ensuring a more seamless user experience. Moreover, users will now have the ability to customize pool fees, enabling them to receive dynamic voting rewards and participate in concentrated liquidity pools.
In the last 24 hours, the price of VELO, the native utility token for Velodrome, has taken a dip of approximately 8%, settling at 8.8 cents, as per data from CoinGecko. Meanwhile, DefiLlama indicates that Velodrome's total value locked has witnessed a modest decline of around 4% in the past week, now standing at over $230 million.
According to a blog post, the upgrade will provide “additional fuel to Velodrome’s flywheel through increased fee capture and setting a new standard for low-slippage and liquidity management.”
