What is Velas (VLX)?

Quick Facts

• Founded: 2019, headquartered in Switzerland
• Mainnet launched: January 2020
• Architecture: Solana fork with full EVM/eBPF hybrid design
• Consensus: AI-enhanced Delegated Proof of Stake (AIDPoS)
• Throughput: Up to 75,000 transactions per second
• Transaction finality: ~1.2 seconds
• Transaction fees: Fractions of a cent per transaction
• Native token: VLX — used for fees, staking, and governance

Introduction

Velas (VLX) is a high-performance Layer-1 blockchain designed for smart contracts and decentralized applications. It combines the speed of Solana's codebase with the developer familiarity of the Ethereum Virtual Machine (EVM), resulting in a platform that aims to solve the classic blockchain trilemma — balancing security, scalability, and decentralization simultaneously.

Its native token, VLX, powers everything from transaction fees and staking rewards to on-chain governance.

History & Background

Velas was founded in 2019 by Alex Alexandrov, also the founder of CoinPayments, one of the world's largest cryptocurrency payment processors. The project grew from Alexandrov's desire to build a proprietary AI-enhanced blockchain rather than rely on third-party solutions.

The Velas mainnet went live in January 2020, and the platform has since evolved to version 3.0 of its technology stack, incorporating a dual-chain architecture with both a native Solana-based space and a full EVM space.

How Velas Works

Velas is built on the Solana codebase and augmented with an EVM layer, giving developers the best of both worlds: Solana-level throughput and full Solidity/EVM compatibility.

At its core is the AIDPoS (Artificial Intuition Delegated Proof of Stake) consensus mechanism. This AI-driven protocol analyzes patterns across the network, automatically optimizing parameters like block times and validator rewards based on real-time network conditions. The result is a self-adjusting chain that targets maximum efficiency without manual reconfiguration.

Transaction finality is achieved in roughly 1.2 seconds, with fees as low as $0.00001 per transaction.

Tokenomics

VLX is the native utility and gas token of the Velas ecosystem. Its core functions include:

• Transaction fees: Every on-chain operation requires a small VLX payment.
• Staking: Users can become validators (requiring a minimum stake) or delegate their VLX to existing validators to earn a share of block rewards.
• Governance: VLX holders can participate in on-chain votes that shape the protocol's development direction.
• dApp utility: Projects built on Velas can integrate VLX for payments, access controls, and other in-app functions.

Ecosystem & Use Cases

Velas supports a broad range of decentralized applications, including DeFi protocols, NFT marketplaces, play-to-earn games, and decentralized exchanges. Because it is fully EVM-compatible, Ethereum-based projects can migrate to Velas with minimal friction, reusing existing Solidity code and developer tooling.

The ecosystem also includes infrastructure tools such as Velas Account (a passwordless authentication layer for dApps), Velas Vault (secure private key storage), and cross-chain bridges connecting the network to other blockchains like Avalanche.

Team, Governance & Community

Velas was founded by Alex Alexandrov and is led by a team of engineers, cryptographers, and researchers. The leadership includes a CEO, COO, and CTO alongside Alexandrov's role as Co-Founder and CIO.

Governance is community-driven: VLX holders vote on proposals that influence the network's future. The project maintains active communities across Telegram, Discord, Reddit, and Twitter.

Advantages

• Ultra-high throughput: Up to 75,000 TPS with near-instant finality.
• EVM compatibility: Ethereum developers can deploy without rewriting code.
• Very low fees: Transaction costs of fractions of a cent support micro-transactions and mass adoption.
• AI-optimized consensus: AIDPoS dynamically self-tunes for efficiency.
• Carbon neutral: Energy-efficient DPoS design minimizes environmental impact.

Risks & Challenges

• Competitive market: Velas competes with many well-funded EVM-compatible Layer-1 chains.
• Adoption uncertainty: Ecosystem growth depends on sustained developer and user engagement.
• Centralization concerns: DPoS systems can concentrate voting power among a small set of large validators.
• AI claims: The practical impact of the AI-optimization layer is difficult for outside observers to independently verify.

Long-Term Vision

Velas aims to be a leading platform for Web3 development, offering a comprehensive solution for developers who need high throughput, low costs, and EVM familiarity. The team is focused on expanding cross-chain interoperability, improving EVM tooling, and growing a diverse ecosystem across DeFi, gaming, NFTs, and beyond. The platform's carbon-neutral design also positions it as an option for sustainability-focused projects entering the blockchain space.