What is Vela Exchange?

Vela Exchange stands as a community-centric, decentralized platform for perpetual trading, enabling participants to engage with the DeFi ecosystem. It offers an array of synthetic assets, paired with exceptional customer support, a feature often missing in on-chain services.

The platform allows trading in various cryptocurrencies, FOREX, and precious metals, utilizing isolated margin. It continuously evolves its asset offerings based on user input. Participants have the opportunity to contribute liquidity or enhance their trading skills alongside others, preparing for upcoming trading competitions.

What Makes Vela Unique?

The Vela Exchange trading platform provides significant upside over centralized exchanges with fair, equitable access to platform rewards, self-custody of assets, and zero requirement for a centralized clearing house.

While legacy decentralized applications and exchanges continue to deal with high execution costs, low performance, and other trade inefficiencies, Vela Exchange was built as a ‘next gen’ platform to overcome familiar DEX issues including front-running, slippage, asset limitations, and lack of risk management features.

How to Vela Exchange Works

Users can setup their new Vela Exchange account by connecting to the application with any of the support wallets.

The very first time that a new user connects to the Vela Exchange, they will be asked for a referral ID. This is an optional, one-time opportunity to give referral credit to another wallet address, for which they will earn a small portion of fees produced from a referees trading account. 

Users are encouraged to personalize their Vela Exchange profiles, enhancing their visibility on trading leaderboards. They also have the option to receive SMS or email alerts regarding important trading positions, with all opt-in data securely encrypted and stored on high-availability enterprise servers. 

How to Deposit Funds to Vela Exchange

Vela Exchange’s vault contract is underpinned by the USDC.e stablecoin. Though the infrastructure supports various stable assets, it currently focuses on the bridged USDC to streamline collateral and liquidity processes. Users enjoy self-custody of their trading balances and can manually withdraw funds in case of front-end issues.

The platform simplifies the deposit and withdrawal process, offering direct wallet transfers, multi-chain deposits, and easy fiat conversion.

Fiat Conversion and Multi-chain Deposits

In collaboration with Transak, Vela Exchange facilitates direct fiat conversions within the application. It allows users to link their broader financial network seamlessly with the exchange. All KYC processes, limitations, and transaction procedures are managed by Transak and its partners.

Vela Exchange also boasts a multi-chain deposit feature, supporting seven EVM chains including Ethereum, Optimism, Avalanche, Polygon, BNB Chain, Fantom, and Moonbeam. This feature enables users to transfer liquidity from various ecosystems to the platform effortlessly.

The multi-chain interface supports an array of tokens and stablecoins, with transactions trackable via the Axelarscan Explorer. This tool provides a comprehensive view of deposit progress and associated costs.

For Arbitrum ecosystem users, Vela Exchange’s Multi-chain Gas feature offers an easy way to acquire gas tokens, allowing exchanges from various EVM compatible chains.

To get started on Vela, simply deposit the base asset i.e. USDC on Arbitrum from your non-custodial wallet to the exchange platform’s wallet.

Approve the smart contract. 

You can then proceed to deposit. 

Pay the gas fee. 

Once the process is completed, you can view the exchange balance on the dashboard.

Now you can begin trading.

How to Trade on Vela Exchange

1-Click Trading

Vela Exchange introduces a simplified trading process with its 1-click trading feature. This reduces the need for multiple transaction confirmations, streamlining the on-chain order process. Benefits like fee reductions from staking or NFTs are also applicable to the user’s 1-click trading wallet.

If you wish to just go straight to trading without setting up 1-click trading, just go to the TRADE tab on the dashboard. Be advised that the minimum requirement to open a trade is $20. 

In this example, I decided to take a LONG position on ETH with 10X leverage as a Stop-Limit Order. 

You can clearly see the liquidation price, fees, etc. on the dashboard. 

You can also set your ‘Take Profit”and Stop Loss” easily. 

Proceed to confirm your position order. 

Pay the gas fee.

Your order will be confirmed. 

You can view the open order on your dashboard.