An anonymous team that goes by the name of Super Mises is using the latest DeFi trends in yield farming and rebasing currencies to experiment with the value of velocity. Their newly launched VELO token will both serve as a financial experimentation tool as well as the governance token for the Velotoken DAO.
The latest protocol in DeFi has taken experimentation to new levels. The VELO token ($VLO) can be farmed on Velotoken.fi starting from November 4th, 2020 ending on December 2nd, 2020. The VELO token is capped at a supply of 100M tokens. After the farming period is over, no more tokens will ever be released. A unique aspect is that 100% of those tokens are allocated to yield farming allowing for a fair token distribution.
The VELO token will be the first currency in history that rebases its supply not based on price but based on its own velocity. Once all tokens are farmed, the total supply of VELO token will only increase or decrease in inverse relation to its velocity, but will never be more than 100M.
The outcome of this experiment cannot be predicted. The experiment is in the hands of the token holders. It is up to the community members to play an active part in finding use cases and defining the future of VELO token.
The VELO token protocol uses the governance protocol from Compound, the incentive mechanism from Yam and the rebasing functionalities from Ampleforth. A unique set of trusted contracts with a completely new spin.
VELO token specifications
Target Blockchain Ethereum
Token Type ERC20
Asset Class Synthetic Asset
Token Value None, $VLO has no value on issuance Governance Decentralized Autonomous Organization (DAO) Source of Yield Utility, Speculation and Transactions Fees Supply Type Fixed with elastic and invers allocation Supply Quantity 100’000’000’ $VLO
Distribution Type Fair Farming and Distribution via Staking Pools Distribution Price 1ct
Distribution Duration 4 Weeks