Velix

Inspiration

There is significant potential with $40B already staked in liquid staking, but this potential is not fully exploited on Layer 2s and other novel layer networks that are highly liquid. Velix was inspired by the need to unlock the full potential of liquid staking assets across these emerging L2 and novel L1 networks. Traditionally, staking would lock up assets, limiting their utility in DeFi. Velix envisions a simplified protocol that allows DeFi users to earn staking rewards while retaining liquidity across several blockchains, creating a more flexible DeFi ecosystem and reducing liquidity fragmentation.

What it does

Velix is a LaaS (Liquid staking as a Service) platform that enables liquidity availability for stakers, allowing users to earn native network rewards on staked assets while retaining liquidity for other purposes. With a simplified DApp, Velix operates across multiple blockchains, reducing liquidity fragmentation and enhancing flexibility in the DeFi ecosystem.

How we built it

Velix was built with a focus on multi-chain interoperability, allowing it to function seamlessly across different blockchains while also capturing MEV (Miner Extractable Value). The development involved overcoming technical complexities, ensuring security, and managing liquidity across chains.

Challenges we ran into

Technical Complexity Building a protocol across several blockchains posed significant technical hurdles due to the different programming languages involved. This required deep research and innovative solutions to ensure efficiency and security.

User Education Educating users about the benefits of liquid staking and driving adoption has been an ongoing effort.

Liquidity Management Ensuring liquidity across the chains we deploy on has been crucial in our development journey.

Market Volatility and Trends Managing market downturns and recovery cycles has been a key focus to protect and shield assets while targeting active blockchains during such times.

Accomplishments that we're proud of

Community Engagement Building and engaging a supportive community has been crucial. Listening to and being attentive to our community has been essential in refining Velix and driving its success.

Velix V1 Development Successfully building and auditing Velix V1, with a live testnet that includes native staking, unstaking, redemption, and a protocol point system. We have also received confirmed support from the Metis Foundation with a $50k grant, passed Metis Governance (which required $2M in Metis to pass) to go live as an LST, and gained support from Starknet and acceptance into the InnMind Incubation program, preparing for VC deals.

Multi-chain Interoperability Successfully expanding across multiple blockchains and ensuring seamless cross-chain compatibility.

Security and Trust Prioritizing security and trust, as demonstrated in our audit report, making it a top priority in every decision.

Market Traction Gaining alignment with partners for various campaigns has been a significant achievement, helping to drive adoption and visibility for Velix in the DeFi space. This traction has been key in establishing our presence and credibility in the market.

What we learned

Community Engagement: The importance of a supportive community and listening to user feedback. Multi-chain Interoperability: The need for seamless cross-chain compatibility. Adaptability: The importance of being resilient and responsive to the constantly evolving DeFi landscape.

What's next for Velix

Velix aims to continue pushing the boundaries of possibilities in DeFi, with a focus on creating a more flexible, interoperable, and user-centric ecosystem. Velix V2 will include expansion to different networks and a focus on MEV capture.

Our target is to achieve $100M in TVL by the end of 2024. Velix is committed to innovation and further development in liquid staking as a service infrastructure.