DEX thống trị Optimism vận hành vòng xoáy thanh khoản tạo phí, với mức định giá bằng một nửa giá trị pha loãng hoàn toàn

Proof of X · 2026-10-10T23:37:57.000Z

Sàn DEX trả thưởng cho người bỏ phiếu bằng phí giao dịch thực đang được giao dịch ở mức bằng một nửa định giá pha loãng hoàn toàn. KINH DOANH Theo CoinGecko, Velodrome Finance là sàn giao dịch và thị trường thanh khoản trên Optimism. Sản phẩm của nền tảng là một thị trường thanh khoản, nơi các giao thức khuyến khích tạo các pool có độ sâu lớn cho token của họ, đổi lại nhà giao dịch được hoán đổi với mức trượt giá thấp. Mô hình doanh thu này khá khác thường: toàn bộ phí giao dịch mà giao thức thu được đều được chuyển thẳng cho những người bỏ phiếu khóa token, thay vì đưa vào ngân quỹ công ty. Các giao thức muốn thu hút thanh khoản cũng đưa ra khoản hối lộ cho những người bỏ phiếu đó, vì vậy bản thân việc tham gia quản trị cũng có giá trị kinh tế.

The DEX that pays its voters out of real trading fees is trading at half its fully diluted value.
BUSINESS
Velodrome Finance is the trading and liquidity marketplace on Optimism, according to CoinGecko.
Its product is a liquidity marketplace where protocols incentivize deep pools for their own tokens, and traders get low-slippage swaps in return.
The revenue model is unusual: every trading fee the protocol collects is passed straight to voters who lock their tokens, rather than a company treasury.
Protocols seeking liquidity also post bribes to those voters, so governance participation itself has a price.
TECHNOLOGY
Velodrome runs a ve(3,3) model that fuses vote-escrowed governance with the (3,3) game theory Andre Cronje introduced in Solidly.
Locking $VELODROME as vote-escrowed tokens buys voting rights over weekly emissions and a share of the fees and bribes, not a fixed yield.
Its SlipStream module adds concentrated-liquidity pools, the design that made modern AMMs capital-efficient.
The team behind Velodrome emerged from the veDAO collective, the group that first studied Solidly's mechanics in depth.
SECTOR
Velodrome sits in the DEX sector on Optimism, one of Ethereum's largest optimistic rollups and the hub of the OP Stack Superchain.
Sector trend: chain-native ve(3,3) DEXs have become the default liquidity layer on their home chains, because emissions are directed by local voters rather than mercenary liquidity.
Velodrome has been reported as the largest DEX on Optimism, holding over a quarter of the chain's TVL at the time of its OKX listing.
COMPETITION
$UNI remains the multichain incumbent with the deepest liquidity in DeFi overall.
Velodrome's answer to that is locality: it is the liquidity home court for Optimism-native tokens, where $UNI is a guest.
$AERO, the Base-native ve(3,3) DEX from the same builder lineage, shows the model travels, which is both validation and a live rival for Superchain mindshare.
TOKENOMICS
CoinGecko this run: market cap $55.1M, fully diluted valuation $107.9M.
TOKENOMICS
CoinGecko this run: market cap $55.1M, fully diluted valuation $107.9M.
Circulating supply is 1.35B $VELODROME against a total supply of 2.64B, so roughly 51 percent is unlocked; CoinGecko lists no max supply.
No verifiable unlock schedule was found this run, so only the circulating-to-total fact above applies.
The structure means the market prices the whole network at about twice today's market cap, with emissions tilted toward voter-directed incentives.
Not financial advice. DYOR. $VELODROME