Vela Exchange Open Beta Launched on Arbitrum with Access to All Users

Vela Exchange launched the open beta of its spot and perpetual trading platform on Arbitrum. The protocol is now open access to all users.

Vela Exchange is a self-custody perpetual decentralized exchange. Vela offers traders the ability to trade with up to 100x leverage on forex and up to 30x leverage on cryptocurrency, with incentives for liquidity providers and traders.

The $VELA token is already trading and an airdrop was confirmed for beta testers. Beta participants have a chance to receive the airdrop.

The initial beta launch of Vela started on January 31st with early access for OGs. On February 3rd and 7th, early access rounds 2 and 3 were held. On February 9th, the beta was open to everyone. The end of the Hyper VLP program was on February 14th.

VLP is a liquidity provider token offered by Vela Exchange. By minting VLP and staking it, users can earn rewards from the platform's fees. 60% of the protocol fees are distributed to VLP holders and stakers. The Hyper VLP Rewards program is a limited-time reward program for early VLP minters. A total of 2.5 million $VELA tokens will be rewarded through this program in a tiered system based on when the VLP is minted.