Vela Exchange (DXP) Airdrop Guide: How to get DXP tokens for free in future (Confirmed)
Vela Exchange is a decentralized exchange on Arbitrum ecosystem that offers traders advanced perpetuals trading for both crypto and forex. You can trade Bitcoin, Ethereum, Dogecoin and also also forex. There are 3 forex pairs you can trade right now: EUR-USD, JPY-USD, GBP-USD. The platform offers upto 100x leverage on its forex pair, and upto 30x leverage for crypto.
Apart from Crypto and Forex, the platform also plans to offer another unique asset – Market Capitalization (in future), with each asset type and pair having a different Funding Rate and Open Interest Limits due to varying levels of volatility.
As the margin pool on Vela Exchange grows, the platform will add more asset pairs based on community demand. This means that traders will have access to an ever-expanding range of assets, providing them with a greater degree of flexibility and choice.
It’s worth noting that the assets traded on Vela Exchange are fully synthetic and do not denote an exchange of specific assets between Vela Exchange and traders, or between traders themselves. Instead, Vela Exchange uses a unique model that enables traders to enter into contracts that track the price of the underlying asset, without actually taking ownership of the asset itself.
This approach has several benefits, including lower transaction costs and the ability to trade fractional amounts of assets. It also enables Vela Exchange to offer a wider range of asset pairs without the need for extensive custody arrangements or complex regulatory compliance requirements.
What we are going to learn?
Why use Vela Exchange?
I am personally moving away from centralised exchanges and some of the alternatives I now use is GMX, GNS and now Vela. Vela is on Arbitrum, and doing transactions on Arbitrum would increase your chances to get ARB token when they launch.
Additionally, Vela has also announced that they would be airdropping Vela token to users based on the trading volume.
Now, I already gave you two reasons which is more than enough to use Vela exchange right now:
- Moving away from centralised exchanges
- Future Airdrop
But, the question arises, is Vela a really good crypto and forex exchange you should be using? Let’s find out.
Unlike many other decentralized applications and exchanges, Vela Exchange was built to address the common inefficiencies of DEXs such as high execution costs, low performance, front-running, slippage, asset limitations, and a lack of risk management features. When you trade, slippage is mostly 0.25%. With more volume, I think slippage would go down. What I have also noticed is while trading in JPY-USD pair, sometimes you need a higher slippage (like 0.6%).
After what happened to FTX and Celsius users, it is now important to keep the coins in self-custody and with Vela you can exactly do that. In other words, traders retain full control of their assets at all times, without needing to rely on a centralized third party for custody. This provides an additional layer of security and transparency that is highly valued by many traders.
Vela Exchange also provides a range of community-focused incentives to encourage users to participate in the platform’s growth and development. This includes rewards for liquidity provision, referral programs, and governance participation, among others. They offer users fair and equitable access to platform rewards. By providing rewards to liquidity providers and other platform participants, Vela Exchange encourages a healthy ecosystem and ensures that everyone has an opportunity to benefit from the platform’s success.
How to set up an account on Vela Exchange?
To set up an account on Vela Exchange, click here. Please note this is an affiliate link and if you sign up with this link, I will earn some commissions. Kindly use this referral link only and only if you think this post is helpful. If you do not want that, you can directly go to Vela.exchange and signup. No KYC needed.
Now that you have signed up, you simply need to connect a supported wallet via the user interface.
This user-friendly interface and advanced features make it easy for anyone to get started trading on the platform, regardless of their level of experience. It also enables users to trade with ease and confidence, while also benefiting from low fees and fast execution times.
Okay, so if you do not have any supported wallet, you can install Metamask. Once done, set up an Ethereum account, and transfer some funds. If you already have funds on Ethereum or any other chains, you can move them to Arbitrum via Stargate bridge.
To use Arbitrum ecosystem, you need ETH to pay in gas fee. Once you have ETH, swap some ETH to USDC. Or, you may directly deposit USDC in Arbitrum chain.
Once you have USDC, deposit to Vela.exchange. Bingo, you can now start trading on Vela.
Vela Exchange: How I earn more than 70% APY on Stable without Trading?
I recommend Vela exchange not only for trading, but also earning high rewards on stable. What I did was to click on STAKE option, mint VLP against USDC, and then stake VLP to earn 87.658% APY. You can also unstake, swap back VLP to USDC anytime.
For those who are not good at trading at still wants to earn atleast 6% per month, this staking method is recommended.
Remember though, there are onchain risks. If Vela smart contract gets hacked, you may lose your funds.
- What are Crypto Airdrops? How to Spot Upcoming Airdrops?
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Vela Exchange Airdrop: How to get DXP token Airdrop? (Confirmed)
Almost until January of 2023, only the token for Vela was live. But now even the beta version of the exchange is now open. While they went into the beta phase on January 31st, 2023, the date for the authorised launch is not yet disclosed. However, once it officially launches, we can witness the protocol unlock infinite potential.
This is what the Vela team published as it opened this phase
“Our beta program is officially live on Arbitrum. It includes access to trading, staking, and a range of exclusive beta incentives that are available throughout the beta testing period. Don’t miss out on this limited-time opportunity! Connect your wallet now to gain access to the Vela Exchange platform.”
The speculation so far is that the users who will regularly participate in the beta program will potentially receive the airdrop of the DXP token. DXP is Vela Exchange’s utility token and had ascended a strong rally as the project was on its way to release its much-expected beta version a week after.
According to a report by CoinDesk on January 28, 2023, DXP’s price had gained around 50% in a span of mere 24 hours and its value had become more than double since trading below $1 before that. Currently (27th February 2023), DXP is priced at around 6.4 dollars.
It has a Circulating Supply of 8,047,843, market cap of 51,806,323USD, and a FDV of 643,729,281USD.
GMX’s market cap is 637,672,849USD, which means for DXP to touch GMX’s market cap, it needs to do 10x.
Similarly, GNS’s market cap is 256,137,761USD, and for DXP to touch GNS’s market cap, it needs to do a 5x.
So, now you know it has potential.
How to participate in the Beta version?
Remember, Vela is now in Beta. So whatever steps you would be doing will be in its Beta version.
In short, you can participate in Vela Beta version by visiting the official Vela Exchange website and scroll down till you find the “Launch Beta” option. Or else you can do so by directly following this link.
After that just connect your wallet and you will be able to access the interface. Since it is a futures exchange you can have long or short positions, and do all the things you can otherwise do on different exchanges.
When you connect your wallet for the first time you will have to deposit some funds for which you will need USDC. So keep this in mind before you start performing any functions. You can even go to the staking section and use it to earn some passive income without the risks of trading.
However, if you want to be eligible for airdrop, it is advisable that you take part in at least a couple of trades.
Pro Tip: How to increase your DXP Airdrop value?
The more trading volume you generate on Vela exchange, the higher are your chances of getting more Vela airdrop.
Is there a way to generate high volume with less USDC capital? Yes, there is.
Best option is to trade on forex with high leverage. Let’s say you trade with 10USD and open a 50X leverage, and then close it, your trading volume would be close to 1000USD. Repeat, and keep increasing you trading value. Remember, you will still need to pay gas fee. And do not forget to keep the liquidating margin high so that you do not get liquidated.
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Vela exchange has been making waves in the market and are touted to be successful in the future. By participating in its beta version and earning points you can become eligible for their upcoming DXP airdrop.
If you missed GMX, GNS, you should not miss Vela. Airdrops can be a wonderful way in which you can benefit from the growth and profits of the protocols by investing a large amount of capital.
However, as we always say, DYOR is the most important thing in crypto. Never make any financial decision without enough knowledge. Nonetheless, it is definitely going to be intriguing to see where these projects go in the coming time.