AstroSwap is excited to announce the partnership with VeleroDAO, which will see users of both platforms benefit from various new features coming to AstroSwap and VeleroDAO.
Both initiatives rely on the Velas blockchain, making this a notable event in the decentralized financial world and throughout the Velas community.
VeleroDAO is a full-fledged fork of MakerDAO designed to run on the Velas blockchain, which offers transaction rates of up to 75,000 TPS, making the DAO quick and efficient. VeleroDAO introduced USDV in November 2021, a decentralized stablecoin based on the Velas blockchain with a 1:1 soft peg to the US dollar exchange rate. The cryptocurrency is at least 150 % secured by crypto assets. Its rate is maintained due to the DAO members’ economic interests.
The AstroSwap DEX (decentralized exchange) is built on the Velas blockchain; however, it focuses on providing users the ability to exchange tokens from the Cardano ecosystem. It uses a cross-chain bridge, Swapz, to allow users to move tokens between networks, thus effectively making Velas a layer-2 solution for Cardano. With the AstroSwap DEX running on Velas, an EVM compatible (Ethereum Virtual Machine) network. It allows for tokens not only to be bridged from Cardano to Velas and vice versa but also allows for tokens to be bridged through all EVM chains. Swapz is a multi-chain bridge that joins EVM and non-EVM tokens by locking liquidity on one side and minting tokens on the other, thus, allowing AstroSwap users to bridge Cardano native tokens between Cardano and Velas, allowing liquidity to be added to the AstroSwap liquidity pools.
A VeleroDAO and AstroSwap partnership is noteworthy because it will allow their rapidly growing community to stake ASTRO, AstroSwap’s native token, and in return, users can earn VDGT, the governance token for VeleroDAO. Additionally, users of VeleroDAO can also take out loans using ASTRO as collateral. Furthermore, users will be able to provide liquidity for both VDGT and USDV on AstroSwap (both paired with ASTRO). Providing users with LP tokens that can be staked in the AstroSwap Solar Farms, where users can earn astronomical rewards.
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