The native token of the Vela cryptocurrency exchange, VELA, has seen a major price surge today, pumping over 120% to around $1.13 at the time of writing.
This massive gain comes on the heels of a major staking update announcement from the Vela team earlier today. In a post on Twitter, Vela revealed that they are enhancing staking rewards for VELA holders by lowering the amount of tokens required for each tier.
Vela stated that this change comes in response to user feedback and their continual efforts to expand VELA’s utility and value. They teased that more utility developments are in the works and hinted at a major product launch coming in Q1 2024.
For example, 10% trading fee discount now only requires 2,500 VELA instead of 10,000 previously. This means users can secure higher staking rewards and more discounts on trading fees with fewer tokens staked.
Attention $VELA holders! 📢
— Vela Exchange (@vela_exchange) October 30, 2023
🚀 Major Update on $VELA Staking Tiers and Utility!
We're thrilled to announce enhanced staking rewards. Secure more discounts with fewer $VELA.
Dive into the new staking benefits below: pic.twitter.com/9t9QveaMxJ
The team also announced a 25% discount on all trading pairs until Halloween as part of a “Trick or Trade” promotion, with staked VELA holders able to maximize the discount even further.
VELA has seen strong growth overall since its launch in February 2022. It hit an all-time high around $7.30 shortly after launch. With today’s pump, VELA seems to be building momentum once again. However, at current prices it still remains far from its ATH.
The major staking update and hints of more utility to come could certainly act as catalysts to push VELA to new highs in the coming months. Vela Exchange continues to build strong fundamentals, and VELA holders seem keen to keep accumulating the token.
With the crypto market trending upwards in recent weeks, the timing is right for exchange tokens like VELA to capitalize. Traders will likely be keeping a close eye on VELA’s price action following today’s big development.
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