Vela Exchange (formerly Dexpools) is a digital asset trading platform catering to both institutional and retail investors. In this article, we will give a comprehensive guide and provide the latest news on how you can participate in their ($VELA) token airdrop.
Sign up for Vela Exchange to get a potential $VELA token airdrop!
Vela Exchange ($VELA) Airdrop Step-by-Step Guide
Vela hinted at several ways you could get a token airdrop. Here’s how to get a potential $VELA airdrop:
- Go to the Vela Exchange website and connect your wallet.
- Connect your wallet by clicking “Connect Account” on the top right-hand corner of the page. Remember to change to the Arbitrum network.
- Interact with Vela by depositing tokens or trading.
- Participate in Vela’s flash trading contests.
- Stake or vest VELA, VLP or eVELA.
- Claim Vela NFTs.
- Refer your friends.
See below for more details.
What is Vela Exchange?
Vela Exchange is a digital asset exchange platform that provides a secure, reliable, and efficient trading experience for users built on Arbitrum. The Exchange will have spot and perpetual trading, and a decentralized peer-to-peer over-the-counter (OTC) trading platform.
Travis Skweres and Dan Peng founded Vela Exchange, having both worked at Boston Consulting Group (BCG) previously. Partners and investors include Quantstamp, Orange DAO, Big Brain Holdings, Magnus Capital and Jade Protocol.
What is the $VELA token?
$VELA is Vela Exchange’s native token. Furthermore, $VELA holders and stakers will be entitled to discounted trading fees, as well as receiving $eVELA and other rewards.
Will there be a $VELA token airdrop?
Vela confirmed they will be doing an airdrop in Phase 3 of development, which started on 9th March 2023. They have also hinted at an imminent tier 1 crypto exchange listing. This could mean they are gearing up for the airdrop!
10% of the $VELA token supply (limited to 2% per fiscal year) will be reserved for marketing rewards including airdrops (See Vela Whitepaper). Furthermore, Vela hinted they would airdrop $VELA tokens to those who used the exchange during the open-access beta. Moreover, larger trading volumes may yield a larger airdrop.
Vela is currently in Phase 3 of development, where they promised they will have a Beta Rewards Airdrop. They will be giving beta testers a chance to qualify for a participation NFT and airdrop. Vela has not announced how you can become an eligible beta tester but they have hinted that it will happen in the coming months.
How to Receive Potential Vela Exchange ($VELA) Token Airdrop?
Vela has hinted at several ways in which you can get a token airdrop. Here’s how to get a potential $VELA airdrop:
- Go to the Vela Exchange website and connect your wallet.
- Connect your wallet by clicking “Connect Account” on the top right-hand corner of the page. Remember to change to the Arbitrum network.
- Interact with Vela by depositing tokens or trading.
- Participate in Vela’s flash trading contests.
- Stake or vest VELA, VLP or eVELA.
- Claim Vela NFTs.
- Refer your friends.
Set up an account and start trading!
Interact with Vela by depositing tokens or trading
Vela hinted on Twitter that maximizing your trading volume on Vela is the key to a max airdrop. Also, testing the trading experience on Vela is heavily weighted when considering eligibility for an airdrop. Users should be aware that you are trading your own funds on Vela. Here’s how to trade on Vela Exchange:
- Go to Vela Exchange and connect your wallet. Remember to switch to the Arbitrum network.
- Deposit USDC to your Vela wallet. Currently, they only accept USDC.
- Start trading! You can choose to long/short any trading pair. Vela currently supports $BTC, $ETH, $DOGE, $SOL, $MATIC and $AVAX
How to get max trading volume on Vela Exchange to get more $VELA token airdrop.
Here’s how to maximise your $VELA token airdrop:
- Stake $VELA as it entitles you to lower gas fees, this is helpful as the key is to get high trading volume.
- Trade forex (Euro, Pound Sterling and Japanese Yen). Forex asset trading fees are 0.008%, whilst crypto asset trading fees are 0.8%.
- Long a trading pair on one wallet, and short on another. But note that Vela can disqualify those with wash trading activity.
- Compete in Vela’s regular trading contests. Round 2 of the Flash Competition will begin soon!
Participate in Vela’s flash trading contests
Vela had announced that participating in their contests could give you extra airdrops. The first Vela flash trading competition has already ended with a prize pool of 10,000 $USDC and 2,000 $eVELA rewards!
Vela has confirmed they will do a second flash contest, which will be adjusted to support traders of all sizes. However, the main event will be their Grand Beta Trading Competition, which Vela promises will offer major prizes.
Bonus: Stake or vest VELA, VLP or eVELA for maximum $VELA token airdrops!
As a bonus, staking or vesting VELA, VLP or eVELA could give you additional $VELA airdrop rewards, here’s how:
- Click the “Stake” page on the top, mint VLP tokens using USDC, or purchase VLP. Then, on the same page, stake your VLP.
- Click the “VELA- eVELA” tab on the left-hand side. Stake your VELA to earn eVELA. Or, stake eVELA to earn more eVELA. You can also vest your eVELA in order to earn VELA.
How to Claim Vela’s Beta NFT
Vela has announced how users can get an exclusive Vela Beta NFT dedicated to open beta participants. Those who hold at least 50 $VELA and be in the top 2500 in trading volume on the Exchange will be eligible to get the Vela NFT. There will only be 2500 NFTs available to mint on a first-come first-served basis. The details on how to mint the NFTs will be released by Vela next week.
This is the third official Vela NFT, and the team has hinted that those who had collected all 4 of Vela’s NFTs will get something special. Wonder if Vela NFT holders may be entitled to more $VELA token airdrops?
Vela Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Vela confirmed it will be doing an airdrop in the coming few months.
Airdropped Token Allocation: 10% of the $VELA supply (limited to 2% per fiscal year) will be allocated towards marketing rewards including airdrops.
Airdrop Difficulty: Vela hinted that those with higher trade volume on their exchange will be airdropped more $VELA. Unfortunately, this makes the airdrop more difficult as you will actually need to trade on the exchange using your own funds (USDC).
Token Utility: $VELA holders and stakers will be entitled to trading fee discounts.
Token Lockup: $VELA is already being traded. Any token lockup would depend on how Vela plans to do its airdrop.
Frequently Asked Questions (FAQs)
Vela Exchange is a digital asset exchange platform built on Arbitrum. It provides a secure, reliable, and efficient trading experience for both retail and institutional users.
$VELA is the native token of Vela Exchange. Users that hold and stake the VELA token get trading fee discounts when using the exchange.
Vela Exchange will do a $VELA token airdrop in the coming months.
Vela Exchange announced it will do an airdrop in a few months, where beta testers will have a chance to qualify for a participation NFT and airdrop. The eligibility criteria are not officially announced. But it seems that having a high trading volume on the Exchange and participating in flash trading contests might make you eligible for the Vela airdrop.
Vela exchange launched its Open Beta Access to the public from 4 pm CST on 9th February 2023.
Vela will do an airdrop in the coming months. This is where they will be giving beta testers a chance to qualify for a participation NFT and airdrop.
Vela has hinted on their Twitter that the larger your trading volume during their beta, the larger your $VELA token airdrop. So, trading on Vela will likely get you an airdrop
The key to getting a max $VELA token airdrop is to maximise your trading volume on the exchange. To do this, stake $VELA as it entitles you to lower gas fees. Also, trade forex (Euro, Pound Sterling and Japanese Yen). This is because forex asset trading fees are 0.008%, whilst crypto asset trading fees are 0.8%. You can also join their flash trading contests.
Vela announced the start of Phase 3 of development on 9th March 2023 which will be an official launch countdown. See their roadmap here.
