Launch Details

Velodrome launched on Thursday, June 2, 2022.

Getting Ready#

Velodrome Finance operates exclusively on the Optimism network (a layer 2 of the Ethereum main network that uses Optimistic Rollups).

If you are unfamiliar with Optimism, you can find a lot of resources about the network, its ecosystem, and its mission on the Optimism website https://www.optimism.io

To set up your wallet, please go to https://chainlist.org and search for Optimism. You can use the Connect Wallet button to automatically configure your default wallet to use Optimism. Use the arrow down to expand for more configuration options.

Bridging#

New Optimism users who want to participate in Velodrome should make sure they have $ETH on Optimism in order to be able to pay for transaction/gas fees.

Bridging to Optimism is possible here: https://app.optimism.io/bridge

If you're bridging from a network other than the Ethereum network, we recommend the following services:

• https://stargate.finance/transfer — a multi-network bridge for stable coins
• https://www.bungee.exchange — an aggregator that shows the best available bridging options. Use their Refuel service to deposit smaller amounts in case you run out of $ETH to pay transaction fees.
• https://www.optimism.io/apps/bridges — for a full list of Optimism network bridging services.

Here's a walkthrough for how to use the Optimism Bridge on mobile:

A message to the veDAO community#

The members of the veDAO core team learned a tremendous amount about ve(3,3) mechanics after receiving the 4th largest $veNFT in what's come to be called the Solidly Wars.

This experience resulted in a veDAO governance proposal, which passed, directing the team to seek opportunities outside of accruing Solidly vote share on the Fantom network.

The veDAO core team incubated Velodrome in accordance with DAO governance principles for the benefit of the DAO. veDAO's final governance act was to make good on this promise, distributing accumulated treasury in $USDC and $VELO tokens to $WEVE holders.

The veDAO community stuck with us through a seemingly impossible number of surprises, challenges, and disappointments. They're friends, allies, and, in some cases, central team members. Everything we do with Velodrome from here is rooted in our shared experience.

We believe that the veDAO members will be valuable, enthusiastic additions to the Optimism community in the coming weeks and will be instrumental in the long-term success of Velodrome.

Burning $WEVE#

The redemption process uses LayerZero for a seamless experience. The process will burn user-provided $WEVE tokens on the Fantom network and will send $USDC and $VELO on the Optimism network.

The tokens will be sent to the same address, as with any bridging experience.

The $WEVE bridging service will be available at https://weve.velodrome.finance on May 31st and will be available until the 30th of June. Unclaimed $USDC and $VELO will be transferred back into the treasury.

Burning via Block Explorer#

NOTE: There is currently a small UI issue with this process. TLDR the frontend is overestimating the amount of WeVE a user has to burn, which causes the contract call to fail.

Below are the steps you'll need to take in order to burn from the block explorer:

1. Figure out how much WeVE you have to burn. Go to https://ftmscan.com/address/0x911da02c1232a3c3e1418b834a311921143b04d7#readContract and navigate to Function #2, balanceOf. Enter in your address "0xabcd..." and click Query. Copy that value.
2. Burn WeVE. Navigate to the RedemptionSender (https://ftmscan.com/address/0x9809fB94eED086F9529df00d6f125Bf25Ee84A93#writeContract). NOTE Please double, triple check that this is the right address. Then enter the following arguments for Function #1, redeemWEVE

redeemWEVE: 30 (note that this value changes as gas on Optimism increases/decreases. Any leftover unused gas will be refunded by LayerZero)

amount: ANY value less than your balance found in Step 1

zroPaymentAddress: 0x0000000000000000000000000000000000000000

zroTransactionParams: 0x

Then click "Write" and your transaction should be good to go!

Initial Distribution#

Velodrome will launch with initial distribution of 400M VELO airdropped to DeFi community members, protocols, and DAOs likeliest to play an active role in the Optimism ecosystem.

Details of the initial distribution and token emissinos are available in the Initial Distribution section of the Tokenomics.