A security-focused comprehensive financial service platform, VELIC is making visible progress with its cryptocurrency-oriented ecosystem. The startup leverages the distributed ledger technology (DLT) to achieve a high degree of security and transparency. What sets VELIC apart from other blockchain-powered platforms is that it operates three types of proprietary tokens simultaneously, with each token having its particular function. We’re speaking about VELIC Token (VELT), VELIC Authority (VELA), and VELIC Dollar (VELD).

Why does VELIC need three different tokens to organize its economy? The short answer is that its ecosystem comprises different aspects of the digital asset market — VELIC incorporates a cryptocurrency and token exchange, asset management, vault, and loan services. Let’s see how each token behaves:

What is VELT and How Does it Connect all the Services?

VELT is the main token that drives the VELIC ecosystem. Users can mine it simply by taking part in the platform operations. The mining of tokens is directly related to the exchange trading fees supported by users. In other words, the higher the fees users pay, the more VELT they mine.

VELT opens access to all kinds of services offered in the VELIC network, giving rights to reduced fees. The token can be acquired by buying or selling any coin pairs on the exchange platform.

VELT is the base token for VELA and VELD, so it is regarded as the reference token for any activity carried out in the VELIC ecosystem. Thus, it represents a means to pay contributors’ trading operations and a reduction in fees for different services. This is how all VELIC services can be directly or indirectly connected with VELT, the price of which is driven by the classic supply/demand principles.

What is VELA?

VELA was designed for users who want to store cryptocurrency in the long-term. Each VELA token has always a 1:1 conversion ratio with VELT. Users who have obtained VELT based on mining activities may either use their VELT to pay lower fees, sell it on the exchange, or instead convert to VELA. If they choose the latter, they are able to store VELA on the platform for longer term. By doing this, users become eligible to get rebates of exchange trading fees given that they are regarded as contributors to the growth of VELIC.

VELA cannot be bought or sold in the market as it was meant solely for storage purposes. This is why it was set apart from VELT, even though their prices are the same. To put it differently, VELA was developed to better organize the process of staking.

VELD — VELIC’s Stablecoin

The third token created and distributed by VELIC is VELD. VELD is a stablecoin and it is not pegged to VELT or VELA tokens so the price of the token fluctuates independently from VELT or VELA. The stablecoin is meant to connect the crypto space with the traditional finance and the real world, enabling investors to enjoy stability and never worry about the high volatility of most of the digital currencies.

VELD will keep its stability by connecting with other stablecoins, including but not limited to Tether’s USDT, Circle’s USDC, and TUSD. In the future, VELD might be used for payments.

All in all, the VELIC token economy is meant to push users to become active within the ecosystem and benefit from applying the VELIC services. The benefits in the form of discounts and rewards are offered in the form of tokens. By providing three types of tokens, VELIC wants to make sure that all the preferences of its members are satisfied.