Decentralized trading platform Velodrome, functioning on the Ethereum Layer 2 OP mainnet, unveiled its plans to roll out the Beta version of Velodrome Superchain in the coming weeks. The initial deployment is set to occur on Mode, initiating the expansion across the OP Stack Layer 2 chains comprising the Superchain.
Through collaboration with Mode and other Layer 2 partners, Velodrome aims to drive the expansion of the Superchain and establish liquidity connections throughout the ecosystem.
The Optimism Superchain is crafted to enhance Ethereum scalability, aiming to accommodate large amounts of users. Within the Superchain network, various specialized chains exist, encompassing Mint, Zora, Lisk, Mode, Fraxtal, and Build on Bitcoin (BOB). Each blockchain enriches the Superchain with diverse options.
Functioning as a MetaDEX, Velodrome will play a crucial role in realizing the Superchain vision by acting as the central hub for liquidity and trading across the network of Layer 2 solutions, guaranteeing that core pairs have sufficient liquidity to foster their ecosystems. The project’s progression will involve transitioning to a chain-level incentive layer. Initially, this will entail implementing a self-contained Superchain automated market maker (AMM) solution, which will later expand into a fully integrated MetaDEX.
The time has come for Velodrome Superchain.Read all about our launch plans below.https://t.co/iAgrI5azHP
— Velodrome (@VelodromeFi) May 3, 2024
Velodrome Superchain Beta To Introduce Enhanced Functionalities
The Velodrome Superchain Beta will introduce Self-contained gauges and AMMs (sAMM, vAMM) deployed on each Superchain to facilitate liquidity bootstrapping. Furthermore, the direct LPs incentivization for layers and protocols will be enabled on the native blockchains via the native network token.
Trading fees will be compounded and redistributed to LPs as VELO emissions, although voting functionality will not be active yet. All of these features will be accessible through the Velodrome front-end interface.
Velodrome Finance stands as one of the leading decentralized exchange (DEX) protocols on the OP Mainnet, boasting significant metrics in terms of both total value locked and revenue. Presently, it records a total value locked of $159.87 million, as per data sourced from DefiLlama.
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