Thread by @MoonKing___

The FUD on CEXs grows stronger after @FTX_Official fall, and DEXs rise higher in popularity 📈

A new #DEX is coming to @arbitrum after rebranding and it has quite some surprises planned up for this year 🗓️

Here's a thread about the news from @vela_exchange

1/19 🧵

@FTX_Official @arbitrum @vela_exchange 2/

What is this thread about? 🧵

@vela_exchange, formerly known as DexPools or $DXP, is a promising self-custody #DEX 🔑

It combines the benefits of a #CEX with the security and decentralization of DEXs 🛡️

It is currently migrating to @arbitrum ⛓️

@FTX_Official @arbitrum @vela_exchange 3/

Here is what the thread covers:

1️⃣ An overview of $VELA and the DEX
2️⃣ Vela migration to @arbitrum
3️⃣ The public beta
4️⃣ Security
5️⃣ Other upcoming features

@FTX_Official @arbitrum @vela_exchange 4/

1️⃣ Vela Exchange ⛵

@vela_exchange was previously known as DexPools with its governance token $DXP

After a rebranding and a closed alpha, it's now getting ready to migrate to @arbitrum 🚀

This chain as some of you might know already is booming with DEX activity 📈

@FTX_Official @arbitrum @vela_exchange 5/

The main feature of a DEX vs a CEX is complete control over your assets

Vela is 100% self-custodial and has no control over your crypto

At the same time though, it offers many handy features that are usually found in CEXs
👇

@FTX_Official @arbitrum @vela_exchange 6/

Through multiple AMAs, learning materials, and tweets I was able to collect some alpha 👀

I'll now share them with you in this thread to save you some time

Let's start with the basics: The #Arbitrum migration 🧳

@FTX_Official @arbitrum @vela_exchange 7/

2️⃣ Since the Arbitrum announcement, $DXP has been rising in price in anticipation

So Far, a closed alpha was held for some selected participants and the news have been making waves 🌊

@FTX_Official @arbitrum @vela_exchange 8/

The @arbitrum chain is getting crowded with DEXs, probably thanks to $GMX rise in popularity

A strong push also comes from the #RealYield narrative 🌽

It doesn't come as a surprise that $VELA is starting fresh where all the big capitals are flowing

@FTX_Official @arbitrum @vela_exchange 9/

3️⃣ The Public Beta 👥

After the alpha, a public beta for Vela is coming and everyone can take part in it 🧑‍🤝‍🧑

The official date for it has been announced in December and it's now really close by

Mark it on your calendar: 18th of January 2023 🗓️

https://twitter.com/vela_exchange/status/1602416277464571904

@FTX_Official @arbitrum @vela_exchange 10/

Juicy info ahead 👇

Of course, the public beta comes with rewards and surprises for the participants

No sure things have been said yet, but from @vela_exchange we have confirmation of an airdrop 🪂

https://twitter.com/vela_exchange/status/1607073726964846592

@FTX_Official @arbitrum @vela_exchange 11/

For now, we don't know what are the $VELA airdrop requirements, start by registering to vela.exchange newsletters 📨

The team has hinted at other surprises and promised to release new info every week

Keep track of their official twitter 🐦

@vela_exchange

@FTX_Official @arbitrum @vela_exchange 12/

4️⃣ Security 🛡️

The team has been working on the exchange's security as well 🔐

Just in time for the beta, an audit by @hackenclub will be ready

Another auditor is working together with $VELA for a Bug Bounty 🐞

https://twitter.com/vela_exchange/status/1603850931954515968

@FTX_Official @arbitrum @vela_exchange @hackenclub 13/

They also hired a top dev in the cybersecurity field to improve even more

There has been a good amount of frauds and hacks trough 2022

$VELA really wants to raise the bar on safety measures this year📈

https://twitter.com/vela_exchange/status/1605261819257290754

@FTX_Official @arbitrum @vela_exchange @hackenclub 14/

5️⃣ More news

First to be mentioned is the new $DOGE trading perp 💱

Up to 30x in available leverage, this is a rare trading pair in decentralized exchanges 📈

There are customizable stop losses and take profits, and a trailing stop feature

https://twitter.com/vela_exchange/status/1604867223331274752

@FTX_Official @arbitrum @vela_exchange @hackenclub 15/

The team might followup on this update and add more pairs

One thing DEXs lacks is a wider range of trading pairs, usually limited to $BTC, $ETH, $LINK, and some more big caps 👑

We can only speculate on this point for now 🧠

@FTX_Official @arbitrum @vela_exchange @hackenclub 16/

On top of everything dev had been working on the DEX to add new features

The goal is to give users the same feeling they have with a CEX

Main new features being added in the beta are:

➡️ Customizable stop losses/ take profits
➡️ Trailing stop losses

@FTX_Official @arbitrum @vela_exchange @hackenclub 17/

And that's about it for the upcoming news from @vela_exchange

Making a quick recap of everything, you need to keep an eye on

⛵ The Public Beta
⛵ @hackenclub audit
⛵ Bug Bounty
⛵ New trading pairs
⛵ New trading features

@FTX_Official @arbitrum @vela_exchange @hackenclub 18/

If you want a recap of everything $VELA did in 2022, you can read the official thread from the end of 2022

It has been a long journey 🗺️

https://twitter.com/vela_exchange/status/1608833094966214658

@FTX_Official @arbitrum @vela_exchange @hackenclub 19/

Some useful Links 💻

Twitter: @vela_exchange
Telegram: t.me/vela_exchange
Discord: discord.com/invite/vela
Medium: medium.com/@vela_exchange
Whitepaper: vela.exchange/whitepaper.pdf

Website 👇 vela.exchange

@FTX_Official @arbitrum @vela_exchange @hackenclub That's it for this thread, thanks for tuning in🧵

Follow my account @MoonKing___ to stay updated 🕵️‍♂️

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https://twitter.com/MoonKing___/status/1610244619790344192