Velas

Project Overview

Velas is a blockchain platform that claims to be an AI-operated fork of Solana, focusing on high throughput and scalability. The platform aims to provide a foundation for decentralized applications (dApps) with reported capabilities of processing up to 75,000 transactions per second.

Purpose and Utility

The VLX token serves multiple purposes within the Velas ecosystem: It acts as a governance token, enables network security through staking, and serves as a means of payment for transaction fees. The platform supports smart contracts and aims to host various decentralized applications.

Business Model Analysis

The core business model revolves around providing blockchain infrastructure for decentralized applications. The platform generates revenue through transaction fees and supports various DeFi applications. While some DeFi applications on the platform may involve interest-bearing products, the base layer protocol itself does not inherently involve riba.

Development and Adoption

The project maintains active development, with regular updates to its codebase. While adoption remains relatively limited compared to major blockchain platforms, there is evidence of genuine development activity and real-world applications being built on the platform.

Token Distribution

The initial token distribution allocated significant portions to the team and early investors, with vesting periods in place. The project maintains transparency regarding token allocation and distribution schedules.