Successful Linea Voyage Recap, Upcoming V2, and Passport Sneak Peek!
As our testnet voyage with Linea, a chain built by Consensys, comes to a close, we have exciting updates and forward-looking developments to share.
Over the journey, users had an opportunity to preview our V2 app through linea.velocore.xyz and execute swaps and liquidity adds.
Notably, our V2 router facilitated over 230k swap and liquidity add/remove operations without any errors!
New Extensive Audits and Additional Security Measures for Users
The V2, unlike V1 which began as a Solidly fork, is built on the Balancer system and Wombat exchange formula for constructing AMMs. Moreover, we have reconstructed the ve(3,3) as a continuous voting system.
Therefore, it’s currently undergoing comprehensive audits by Zokyo, known for their recent continuous audits of top-tier protocols such as LayerZero, SushiSwap, 1inch, Radiant, Symbiosys, and Umami Finance.
For thorough security, we’re also planning to receive a second audit from another top-tier firm.
Renovations in V2 Dex
Our V2 has made significant improvements, particularly in the Dex and Vote/bribe systems.
Read our new docs [here] for a thorough overview.
Tremendous Gas Savings
Firstly, we’ve achieved tremendous gas savings. With most L2s, like zkSyncEra and Linea, using Ethereum as gas, transaction costs can be quite high. While zkSyncEra recently cut down costs significantly, each transaction still costs $0.3~$1, and Linea experienced considerable gas cost increases during the testnet period.
In V2, our token vault system eliminates unnecessary intermediate movements, resulting in up to 50% savings on swaps and up to 76% on liquidity adds, thanks to our efforts in gas optimization.
We’ve only compared swaps on single paths without routing so far. However, transactions that include multiple paths or other actions like reward claims could potentially see efficiency improvements up to tenfold.
Smart DEX aggregators, taking into account the gas cost of swaps, will likely result in a significantly increased volume of trading through Velocore.
Single side liquidity providing on Stable pools
Secondly, we’re introducing single-side liquidity providing on stable pools. No longer will you need to create unwanted pairs for liquidity staking on stable swaps. With our Wombat exchange-style pools, you can now easily provide liquidity and receive rewards. Traders will also benefit from lower slippages.
Passport: Gamified Guide to Your Airdrop Journey
Embracing the ongoing trend, we plan to share 50% of potential platform airdrops with constant contributors. To give a clear view of your contributions, we’re launching a new dashboard.
And it’s not limited to Velocore; it will cover your on-chain activities across all partner protocols in the ecosystem.
We are talking with a few other foundations about using the Passport system on their official quests too.
Stay tuned for our future updates. We are excited about what’s coming and grateful for your continued support!
