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News Explorer — What Is Velodrome? Investment by U.S. Congressman Puts Spotlight on VELO Token

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Jun 17, 6:31 pm
Decrypt

What Is Velodrome? Investment by U.S. Congressman Puts Spotlight on VELO Token

U.S. Congressman Mike Collins (R-Georgia) has disclosed his recent purchase of $15,000 worth of Velodrome, a relatively unknown cryptocurrency with a market capitalization of around $150 million. Velodrome is a decentralized finance (DeFi) platform that operates on layer-2 networks and aims to provide liquidity for DeFi protocols. The project uses a unique "vote escrow" mechanism to encourage long-term holding and offers various liquidity pools with reward rates determined by user voting.

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