The digital finance platform and ICON partner VELIC recently announced a new project, VELIC X.

The VELIC X Project is a large-scale project the platform describes as “a more fruitful and innovative leap forward to become an influential crypto financial platform in the global market.“

The project includes:

  1. Listings and Events
  • Up to 10 tokens will be listed continuously during the next couple months. The details of listing schedules will be announced in the near future.
  • VELIC will focus on attracting new global members through various events and marketing in connection with the token listings.
  1. Provision of liquidity supply of major tokens
  • VELIC aims to provide liquidity for some of the major tokens so that you can freely trade at prevailing market rates.
  1. Opening of the KRW (Korean Won) market and the ICON market
  • Thanks to active requests from numerous Korean members, VELIC will open a Korean won stablecoin market. Concurrently, it will be transitioning from an ICX market to an ICON market, which will house not only ICX pairs but all relevant IRC2 token-based pairs. We hope to be able to list more IRC2 tokens-based pairs as the ICON ecosystem expands.
  1. Exchange token economy change
  • As part of a major exchange renewal, VELIC plans to change the usage of VELT/VELA Tokens. Instead of the exchange trading fee reimbursement, VELA holders will now enjoy a substantial exchange trading fee discount (see below), staking service fee exemptions and additional benefits during token sale events.
  • VELIC will use a portion of the trading fee revenue for VELT buyback + token burn. Moreover, 300 million VELT, which represents 50% of the VELT reserve funds held by VELIC, will be burned over 6 months. In addition, the benefits of holding VELT/VELA tokens will be gradually increased in relation to the VELIC services to be introduced later.
  1. Exchange fee policy change
  • The exchange trading fee policy will be changed as follows. VELIC will announce the exact implementation date in the near future.

Account Level      

Eligibility Requirements      

Maker Fee    

Taker Fee    

VELA0

≥ 0 VELA

0.15%

0.20%

VELA1

≥ 100,000 VELA

0.10%

0.15%

VELA2

≥ 1,000,000 VELA

0.075%

0.10%

VELA3

≥ 10,000,000 VELA

0.01%

0.01%

VIP

Monthly trading volume ≥ 200 BTC

0.00%

0.00%

The monthly trading volume is calculated as the cumulative trading volume from the 1st of the month to the relevant day, and the daily trading volume is evaluated at 00:00 UTC each day.