OKX, a leading global cryptocurrency exchange and Web3 innovator, has unveiled its backing for the Velodrome token migration from V1 to V2. This strategic move aims to elevate the Velodrome ecosystem and has been meticulously planned to transition Velodrome token holders at a 1:1 ratio, ensuring a seamless shift. As per the details, the migration process will adhere to a structured schedule to minimize any disruptions for users.
Beginning at 6:00 a.m. UTC on September 18, 2023, Velodrome deposits and withdrawals will be temporarily halted, marking the start of the migration. Notably, Velodrome trading on OKX will continue unaffected throughout this period. Once the migration is completed successfully, Velodrome token deposits and withdrawals will be fully operational, albeit with the caveat that OKX will cease supporting Velodrome (V1) deposits.
A New Era for the Velodrome Ecosystem
Velodrome Finance, recognized as a next-generation Automated Market Maker (AMM), amalgamates the finest attributes from Curve, Convex, and Uniswap. Designed to serve as the central liquidity hub for Optimism, Velodrome Finance initiated the Velodrome V2 protocol on June 22, 2023, following its inaugural launch on June 2, 2022.
Velodrome V2 introduces several pivotal features, including a shift towards decentralization for enhanced security and robustness, support for concentrated liquidity pools to refine liquidity management, dynamic fee adjustments, greater flexibility in token emissions with a dynamic rate, the introduction of Velodrome Relay as a central liquidity hub, and an enhanced user experience through a revamped dApp.
With over 50 million global users, OKX is renowned for its commitment to transparency and security. The exchange consistently publishes its Proof of Reserves on a monthly basis, reinforcing the trust users place in its security measures. OKX has also carved a niche for itself as a pioneer in the Web3 arena. The exchange has forged partnerships with illustrious entities such as English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo.
These collaborations are aimed at enriching the fan experience and fostering new engagement opportunities. Furthermore, OKX serves as the primary partner of the Tribeca Festival, spearheading an initiative to integrate creators into the web3 ecosystem. For users keen to explore the realm of Non-Fungible Tokens (NFTs) and the metaverse while trading GameFi and DeFi tokens, OKX offers the OKX Wallet, its latest platform offering.
Overall, Velodrome token migration signifies a significant advancement for the Velodrome ecosystem, accompanied by the introduction of a new $VELO token that can be converted at a 1-to-1 ratio with the previous V1 token. OKX’s announcement of its support for the migration underscores its unwavering commitment to facilitating innovative projects within the crypto landscape. Users and enthusiasts of Velodrome can now anticipate an enhanced and feature-rich experience with the Velodrome V2 protocol, backed by the reliability and support of OKX.
