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Velodrome surged to top the liquidity and trading platforms on Optimism, a layer-two scaling system. Since 23rd February, it has recorded the highest weekly fees amounting to more than 101460 dollars.

A detailed analysis by OP Labs data executive Michael Silberling revealed a dominant display of Velodrome. A Dune dashboard Silberling made shows that Velodrome aims to make 146790 dollars three days before the week’s end.

Detailed performance assessment of Ethereum and Optimism shows that since the beginning of the year, the two have averaged weekly fees of nearly 33 million and 490000 dollars, respectively. This information is derived from DeFiLlama, a total value locked (TVL) aggregator.

Velodrome’s Weekly Figures in United States dollars

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This current all-time weekly fee move comes after last week’s announcement by Coinbase during the launch of Base. The Base is a layer 2 platform created using Optimism technology.

According to CoinGecko, the price of VELO, Velodrome’s native token, possesses a market capitalization of nearly 62 million dollars. In the past seven days, it has risen to 84.3 per cent.

However, it is crucial to note that it still experienced an 8.6 per cent slide in the past day during the press. At the same time. Velodrome had a weekly trading volume of 263 million dollars, the biggest figure in six months.

Velodrome’s Seven-day Volume

Regarding generated fees, Velodrome’s two most popular pairs include VELO/USDC and OP/USDC. On 31st May 2022, OP, Optimism protocol’s native token, was airdropped. Since then, it has played a major role in granting holders governance rights concerning public goods funding and technical decisions.

On the other hand, VELO, Velodrome’s utility token, is utilized to give liquidity to providers via emissions.

Information from Nansen, a blockchain data analytics company, reveals that in the past seven days, Velodrome has registered more than 14000 users. A detailed scrutiny of the weekly performance shows that over 81000 transactions were executed.

Besides, the platform’s total value locked (TVL) is more than 315 million dollars. The increase in TVL propelled Velodrome to rank the seventh-biggest decentralized exchange.

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Michael Scott

By Michael Scott

Michael Scott is a skilled and seasoned news writer with a talent for crafting compelling stories. He is known for his attention to detail, clarity of expression, and ability to engage his readers with his writing.