Velas, the high throughput blockchain focusing on decentralized applications, has been working hard to increase the underlying value the platform can provide to its end users. Following news of the Velas 3.0 ecosystem, which was unveiled in December, bringing new features and major improvements, Velas has another major announcement that will boost its platform usability. The scalable blockchain has come to an agreement with Solana, allowing Velas to leverage its codebase.
Not only does Solana have one of the most efficient blockchain frameworks in the industry, but it also allows for Ethereum Virtual Machine (EVM) support throughout the Velas ecosystem. The integration of the EVM means Velas users will be able to easily interact with Ethereum based-decentralized applications.
Velas Continues to Enhance Its Platform
The introduction of Velas 3.0 brought a variety of new capabilities to the ecosystem, such as a decentralized social media platform, a new wallet to support VLX and synthetic Velas tokens like vBTC and vETH, and the implementation of its innovative mechanism, AIDPOS. These announcements on their own would be enough to bring in increased interest and development on the Velas platform, but the agreement with Solana elevates Velas to a new level.
Solana, another high-performance blockchain working on decentralized application scalability, is an ideal partner for Velas to leverage, as it gains the integration of the EVM and therefore interoperability with Ethereum-based applications. Ethereum is currently the backbone of the defi world, with the vast majority of defi applications running on Ethereum, but there are still significant scalability issues that Ethereum is facing. With defi applications becoming drastically more popular, increasing from less than $1 billion in total value locked in early 2020 to almost $25 billion, Ethereum’s transactional shortcomings are starting to show.
Ethereum recently launched the Ethereum 2.0 Beacon Chain, the implementation of a Proof-of-Stake consensus mechanism within the network, but it will still take 2-3 years before this new validation method is usable. In the meantime, Ethereum can only process around 10 transactions per second (TPS), severely limiting the current usability of the network. The increased interest in defi applications has taken a major toll on Ethereum as users have to wait for their transactions to be processed and are hit with transaction fees sometimes running into over $100.
Velas’ partnership with Solana and the integration of the EVM can help change this, as Ethereum users will be able to bridge their applications to Velas’ much more scalable platform. With the Velas’ network’s focus on dApp scalability, this partnership will allow for the popular Ethereum-based applications to be deployed on a faster and cheaper platform. Ethereum and its array of defi applications have already begun to see mainstream use and adoption. The increasing transaction speeds that Velas can offer to these decentralized applications will enable users to unlock even greater value than before.