As Vela Exchange prepares for the release of its highly-anticipated beta version, Arbitrum-based Decentralized Trading Platform (DEX), Vela Exchange’s DXP utility coin has rallied.
According to the cryptocurrency price tracker, DXP’s value has increased by 50% over the past 24 hours. It has more than doubled in price since trading below $1 Wednesday morning. CoinGecko.
Vela Exchange used to be known as Dexpools on Ethereum. Then, development was moved to Arbitrum which is an Ethereum layer 2 blockchain. The platform offers spot and perpetual futures trading as well as peer to-peer over the counter (OTC) trading. This allows traders to avoid slippage as well as frontrunning.
The beta version of the platform opens to registered testers on January 31. It will then be made available for the general public beginning February 7, according to the Website for the project.
Vela’s token was also a big hit. Listing The rally could be helped by the rebranded utility token VELA, which is identical to Ethereum and Metis. DXP holders on Ethereum or Metis can swap their tokens one to one for VELA on Arbitrum using a bridge.
Traders bet on Vela getting a piece of Arbitrum’s growing DEX activity, potentially challenging the. Dominance GMX is the derivatives exchange. Perpetual-focused GMX was able to surpass UniSwap as the leader in daily trading fees earnings last fall. CoinDesk reported that Gains Network, a DEX originally launched on Polygon, and then expanded to Arbitrum. It generated nearly $1.5 billion in trading volume on Arbitrum within a month. Trader Joe is the top DEX on Avalanche’s blockchain. He will also be expanding to Arbitrum by early 2023.