The Velas Network is a fork of Solana which enjoys EVM compatibility and supports Solidity smart contracts developed for the Ethereum blockchain. It merges the best features of two leading blockchains - the speed of Solana with the security of Ethereum, to offer the fastest Ethereum Virtual Machine (EVM) chain to take on Ethereum 2.0.

The hybrid public blockchain is an excellent platform for building and deploying decentralized applications (dApps) that need scalability. It boasts a throughput as high as 75k TPS (transactions per second) and a transaction finality time of 1.2 seconds. In addition to its high throughput, the EVM-compatible ecosystem can also support Ethereum-based dApps with lower transaction costs and higher efficiency overall.

As of September 2022, the Velas blockchain has more than 100 nodes located worldwide and 138 validators participating in staking activities to help validate transactions and produce new blocks. Other products from the Velas team include Velas Account, Velas Vault, and Velas Wallet.

VLX is the native token of the Velas platform and is used to pay transaction fees and for staking to improve the resilience and security of the ecosystem. As of September 2022, the total number of $VLX staked by 1,300 shakers exceeds 741 million. The VLX circulating supply and total supply stand at around 2.2 billion.

Velas offers an attractive ecosystem to host and drive the Web 3.0 revolution and decentralization of the internet. The Velas blockchain is based on Solana, as it originates from a fork of the high-speed blockchain.

However, where it stands apart from its origin network is its EVM compatibility, which can make it an attractive alternative to the Ethereum network. Velas supports Solidity-based smart contracts, which means that all dApps developed for Ethereum can operate on its platform but with higher throughput, lower transaction fees, and higher efficiency.

Using the Velas EVM Bridge, developers can easily migrate out of the Ethereum ecosystem to enjoy scalability that the leading dApps platform cannot provide. The design of Velas is targeted at attracting more DeFi protocols to move away from Ethereum and grow in scope and scale.

After analyzing 48 consensus mechanisms, the developers behind Velas opted for a delegated proof of stake (DPoS) consensus algorithm for their network. This choice makes the blockchain far more scalable than PoW and traditional PoS-based blockchains, with higher democratization and decentralization.

In addition, the DPoS consensus has a lower entry barrier, which makes decentralization far more accessible and realistic. This makes the DPoS network more secure against double-spend attacks than other popular consensus algorithms in the market.

The Velas Network mainnet launch took place in 2019. Founded in 2019, the blockchains creator Alex Alexandrov was the former CEO at CoinPayments, along with Roman Cherednik, who serves as the CTO, and Andrii Stehno as its CPO.

The Velas Masternode Staking program went live in November 2019, allowing token holders to become validators who could contribute to block production within the blockchain. In February 2020, the Velas team announced its plans to launch a decentralized, multi-currency wallet.

The Velas Web Wallet 2.0 was rolled out in March 2020, giving users a chance to migrate to a better experience with managing VLX tokens. Velas 2.0, the Alpha version of the blockchain, was also announced in March 2020 and launched a month later.

In October 2020, Velas made it to the list of top 50 blockchains in Switzerland. By the end of the year, the developers announced that the VLX crypto could be used as a payment method on the leading online travel platform Travala.

The next major upgrade, Velas 3.0, was unveiled in January 2021, bringing higher throughput and more capabilities. The upgrade went live on 19 April 2021. In August 2021, the blockchain announced a $100 million funding program to drive up the adoption of its ecosystem among dApps.

Velas has the potential to be an exciting addition to your investment portfolio, especially as Web 3.0 gains mainstream adoption. With increasing adoption by dApp developers and users seeking a more scalable and cost-effective alternative to Ethereum, the VLX price could experience a strong uptrend. Velas is one of the fastest blockchains with EVM compatibility, which further supports its potential for growth. Additionally, a bullish sentiment in the crypto market could drive the VLX price towards its highest levels and potentially set new all-time highs.

While it is impossible to provide an accurate price prediction for Velas, several factors could influence the price of the VLX token:

Level of Adoption of Velas Network

A higher level of interest among dApp developers and end users could lead to increased on-chain activity, driving up the value of VLX in the market.

Staking Activity

An increase in the number of validators and token holders staking VLX could contribute to the value appreciation of the Velas crypto. More validators staking VLX enhances the network's security and resilience, positively impacting the token's value.

Crypto Market Sentiment

The overall sentiment towards digital assets plays a crucial role in investor confidence and buying activity. Positive sentiment supports the price of Velas and other tokens, while a bearish sentiment may lead to sell-offs and potential price decreases.

The VLX token serves various purposes within the Velas Network:

Transaction Fees

VLX is used to pay transaction fees when utilizing the Velas blockchain for payment transfers, smart contract execution, or dApp interactions.

Staking

As a DPoS blockchain, Velas allows VLX holders to stake their tokens to contribute to the network's security and resilience. Validators who participate in block production and transaction validation are rewarded with VLX tokens, providing an opportunity for passive income.

Investment and HODLing

VLX can be traded against other cryptocurrencies in the market or held as a long-term investment. Before trading VLX, it's advisable to check its current price, market cap, circulating supply, 24-hour trading volume, and the latest crypto news.

To add Velas Network to MetaMask, follow these steps:

1. Download and install the MetaMask wallet app on your desktop or smartphone.

2. Create a new account on MetaMask and set up your wallet if you're a new user.

3. Click on the Account button and go to Settings.

4. Under Networks, click on Add Network.

5. Enter the following details:

Network Name: Velas Network

New RPC URL: https://mainnet.velas.com/rpc

Chain ID: 106

Currency Symbol: VLX

Block Explorer URL: https://evmexplorer.velas.com

6. Save the details. Velas Network will now be added to your MetaMask wallet, allowing you to securely store your VLX tokens.

You can use the VelasPad bridge to transfer VLX tokens between BSC (BNB Chain) and Velas. Follow these steps:

1. Visit the VelasPad bridge and connect your wallet to the app. Ensure you have sufficient funds for the transfer.

2. Select VLX as the asset and choose BSC as the source network and Velas Network as the destination network.

3. Enter the amount of VLX tokens you want to bridge from BSC to Velas Network and click on Swap to initiate the transaction.

4. Confirm the transaction through your wallet and approve the swap request.

5. Once the swap process is complete, you will receive the bridged tokens on the Velas Network.

Staking VLX is a great way to secure the Velas ecosystem and earn rewards. Here's how to stake VLX on Velas:

1. Create an account with Velas Wallet, the official wallet of the Velas Network. Fund your wallet by purchasing VLX on supported platforms and transferring the tokens to your Velas Wallet.

2. Visit the Staking Page and choose the Delegator option.

3. Review the available staking pools and select one.

4. Enter the amount of VLX tokens you want to delegate and stake through the chosen pool.

5. Apply the stake and confirm the transaction.

6. If you have a minimum of 1 million VLX, you can also stake as a validator. Select the Node option on the Staking Page and stake your VLX crypto.

7. Sit back and earn rewards in VLX tokens for your delegated staking activity.