Velo Token [$VLO] | Value of Velocity Digital Asset
The first Austrian economic experiment in DeFi based on real economic value. An anonymous team of crypto users that goes by the alias of 'Super Mises' (similar to that of Satoshi Nakomoto) has released a yield farming platform the uses the latest in DeFi trends. Taking a page from both Yam and Ampleforth Velotoken.fi is a platform that enables yield farming reward incentives and the rebasing of cryptocurrencies. VELO token (VLO) is an experiment in the 'value of velocity'.
**Please be aware that there are now 2 tokens that go by 'VELO' token. If you intend on using one or the other please be aware of this so that you don't use a wrong address or use the wrong one for your specific purpose.
- 1. VELO Token (VLO) - https://velotoken.fi/. This is the value of velocity, yield farming, governance token. This is the one this article is about.
- 2. Velo (VELO) - https://velo.org/. This is a financial protocol for businesses. It enables digital credit issuance and borderless asset transfer through smart contracts.
VELO Token ($VLO)
The newly launched VELO token ($VLO) will serve as a financial experimentation tool as well as the governance token for the Velotoken DAO.
The VELO token can be farmed on Velotoken.fi starting November 4th, 2020 until December 2nd, 2020. The VELO token is capped at a supply of 100M. Once the farming period has ended, no more $VLO tokens will be minted/released.
100% of the 100M tokens are allocated to yield farming participation, allowing for a fair token distribution.
The VELO token will be the first currency in history that rebases its supply not based on
price but based on its own velocity. Once all tokens are farmed, the total supply of VELO
token will only increase or decrease in inverse relation to its own velocity, but will never be
more than 100M in circulation.
The outcome of this experiment cannot be predicted. The experiment is in the hands of
the token holders and the community. It is up to the community members to play an active part in finding use cases and defining the future of VLO token.
The VELO token protocol uses the governance protocol from Compound, the incentive
mechanism from Yam and the rebasing functionalities from Ampleforth. A unique set of
trusted contracts with a completely new spin.
Fair Farming and Elasticity
Multiple economic theories are put to the test in decentralized finance.
Rebasing stable currencies have the potential to bring price stability to unstable digital assets in Defi.
At the core of the VeloToken project lies the core of economic value, the more a currency is used, the more value it produces.
Velocity in the “real economy” is measured by combining historical data and speculations about the future. A measurement that has not been able to occur in real-time until now.In decentralized finance, one can simply observe the amount of on-chain transactions of any cryptocurrency and calculate the velocity in real-time. With this, smart contracts can be used to calculate velocity to make changes in the currency's supply.
Velotoken is the first protocol that synthesizes velocity into a cryptocurrency.
Velotoken is the first currency that has a direct relationship with its own velocity.
VELO token specifications
Website: https://velotoken.fi/
Target Blockchain: Ethereum
Token Type: ERC20
Asset Class: Synthetic Asset
Symbol: $VLO
Token Value: None, $VLO has no value on issuance
Governance: Decentralized Autonomous Organization (DAO)
Source of Yield: Utility, Speculation and Transactions Fees
Supply Type: Fixed with elastic and invers allocation
Supply Quantity: 100’000’000’ $VLO
Distribution Type: Fair Farming and Distribution via Staking Pools
Distribution Price: 1ct
Distribution Duration: 4 Weeks
Who is Ludwig von Mises (Super Mises)
Ludwig Heinrich Edler von Mises "was an Austrian School economist, historian, logician and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology, a study of human choice and action." - Wikipedia
How to stake on VeloToken.fi | begin yield farming VELO Tokens
Step 1.
Make sure you have the tokens for the pool you are providing liquidity for in one of the accepted wallets. You can connect to VeloToken.fi using MetaMask or WalletConnect.
Step 2.
Choose the pool you would like to particiapate in. You will need to be holding the tokens or uniswap pair that you will be staking in the wallet. Hit the 'Unlock' button.
Step 3.
Approve the transaction. There will be a small transaction gas fee here to allow this to happen.
Step 4.
Click Stake and choose the amount you would like to stake.
Step 5.
Great now you will be collecting rewards for providing liquidity. You can see the amount of rewards pending harvest. At any point you can choose to harvest them and transfer them into your wallet. When you Unstake this will be done automatically. *Tip don't harvest to often or you will keep paying gas fees. Wait until you have a reasonable amount of $vlo tokens before you harvest.
Step 6.
You can unstake at any point. There is no lock up period for holding and selling velo's vlo tokens. To unstake you can click the unstake button and follw the steps on screen.
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