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.
- Sign up for Early Access.
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 its airdrop will be on the day of the mainnet launch (26th June 2023).
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 $VELA tokens to those who used the exchange during the open-access beta. Moreover, larger trading volumes may yield a larger airdrop.
Vela has recently closed its beta phase earlier than expected after discovering calculations around their VLP token. However, they will be refunding any affected users. Also, they hinted they will still continue with the launch and airdrop. The latest Tweet from the Vela team CONFIRMS the launch will be on 26th June 2023.
Am I Eligible for the Vela Exchange ($VELA) Token Airdrop?
Here is the criteria for those who are eligible for the Vela Beta airdrop:
- Trade volume over US$3,000. Note that forex volume counts as one-third of crypto volume.
- Trades must be open for a minimum of 1 mintue.
- Not residing in a restricted country.
If you didn’t quality for the Beta airdrop, don’t worry! You can still trade on Vela Exchange now in order to qualify for the Launch Airdrop. Note however that geographical restrictions still apply.
How to Claim Vela Exchange ($VELA) Token Airdrop?
Here’s how to claim your Vela beta token airdrop:
- Connect your wallet to https://www.vela.exchange/airdrop.
- Make sure you are on the Arbitrum network.
- From 30th June 2023 until 6th July 2023, you will be able to choose between the Blue or Red Pill. This will give you different benefits. The Blue Pill allow you to claim your Vela airdrop immediately either in 1x $VELA or 2x $esVELA tokens. Meanwhile, according to the team, the Red Pill is for risk takers and could allow you to get up to 8x your initial airdrop amount. Those who do not make a choice by the deadline will automatically be enrolled in the Red Pill challenge.
How to Receive Potential Vela Exchange ($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.
- Sign up for Early Access.
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.
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!
Meanwhile, to celebrate the listing of $ARB on Vela, the team is hosting a contest on the platform. Users with the biggest realized PNL on the $ARB trading pair by 4th April 2023 at 11 pm UTC can stand a chance to win $5k worth of $ARB tokens! And of course, this trading will count toward your eligibility for the upcoming Vela airdrop!
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.
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. You can check your Vela NFTs on their Forge page.
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?
Sign up for Vela’s Early Access
Vela has opened up its Early Access program, which will grant you access to their official launch and Hyper VLP 2.0. To join Vela’s Early Access program, sign up at https://www.vela.exchange/early-access with your wallet address and email before 31st May 2023.
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 its airdrop will be on the day of the mainnet launch i.e. 26th June 2023.
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.
Yes, Vela Exchange will do a $VELA token airdrop when its mainnet launches 26th June 2023.
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. The beta is now closed.
Vela has confirmed its airdrop will be on the day of the mainnet launch on 26th June 2023.
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 has recently closed its beta phase early. However they will go ahead with the official mainnet launch and airdrop on 26th June 2023. See their roadmap here.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
