Velodrome Finance (VELO), a decentralized finance (DeFi) altcoin, is experiencing a massive price surge after a surprise listing on Binance, the world’s largest cryptocurrency exchange by trading volume.
Binance Listing Sends VELO Skyrocketing
Binance announced it’s adding VELO to several of its services, including Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures. VELO Flexible Products are available on Simple Earn immediately, with buying options opening on December 16th.
This news has sent VELO’s price soaring. In the last 24 hours, its value has nearly doubled, showing a 90.3% increase and currently trading at $0.292.
Velodrome: A DeFi DEX on Optimism
Velodrome is a decentralized exchange (DEX) built on Optimism (OP), an Ethereum layer-2 blockchain. This makes it compatible with the Ethereum Virtual Machine (EVM). Currently, it boasts the highest 24-hour trading volume among DEXs, according to CoinGecko.
Coinbase’s Big Bet on Aerodrome
Velodrome’s success extends beyond its own platform. It has spawned a popular fork called Aerodrome Finance on the Base network, which has attracted significant investment from Coinbase. Coinbase Ventures’ investment in Aerodrome is reportedly over $20 million, marking their largest-ever investment in a liquid token purchased on the open market. This significant investment highlights the confidence major players have in the Velodrome ecosystem.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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