On June 1st, automated market maker Velodrome launched an airdrop of its $VELO governance token onto Optimism.
Eligible users can claim their airdrop at https://airdrop.velodrome.finance/.
The move comes a day after Optimism, a Layer 2 scaling solution for Ethereum, launched the first phase of its own $OP airdrop.
The majority (60%) of the VELO supply was allocated to the municipality. Airdrop recipients include WEVE holders, Optimism network users, and users of various DeFi protocols. A complete list can be found here.
Partner protocols built on optimism receive 24% of the VELO offering. These include Aave, AlchemixFi, Fei, Frax, Hop, Inverse Finance, Lido, Lura, MakerDAO, Optimism, Perpetual Protocol, Redacted Cartel, Synthetic, and Thales Protocol.
improvements on solid
Velodrome is a newly launched trading and liquidity marketplace designed to provide deep liquidity and low fee/slippage trades. Velodrome is said to be an improved version of the Solidly Exchange created by Yearn founder Andre Cronje.
Andre developed Solidly as an AMM optimized to facilitate the exchange of both stable and volatile assets; like Curve, those who lock their governance tokens can vote to direct issuance into their desired liquidity pools and receive a cut in protocol fee revenue. Solidly was never really tested due to issues like bugs that broke key features, overly concentrated distribution, and a general downturn in the Fantom ecosystem after Cronje left DeFi.
Velodrome aims to improve many of Solidly’s issues with distribution, issuance, and whitelisting of token pairs. VELO can be blocked for veVELO, which gives voting rights. The voters then determine the flow of VELO issues to the various liquidity pools.
The Optimism Team will receive 5% of the VELO supply to align incentives and boost support for Velodromes.
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