What can VLX (Velas) be used for? Comprehensive analysis of VLX (Velas) application scenarios

VLX (Velas) serves as the native token for the Velas blockchain, facilitating network transactions, staking, protocol governance, accessing dApps, purchasing computing resources, and speculation.

Oct 12, 2024 at 12:05 am

What can VLX (Velas) be used for? Comprehensive analysis of VLX (Velas) application scenarios

1. Network transaction fee payment

VLX is used as the native token to pay transaction fees on the Velas blockchain. Users need to pay VLX tokens to transfer value, deploy contracts, or interact with decentralized applications (dApps) on the Velas network.

2. Reward node provision

Users can stake their VLX tokens to become node providers in the Velas Proof-of-Stake consensus mechanism. Node providers help secure the network and process transactions. In return, they earn VLX token rewards based on the number of staked tokens.

3. Delegated betting

Users can delegate their VLX tokens to existing node providers to earn passive income. In return, node providers charge a percentage of their rewards for providing staking services.

4. Protocol governance

VLX token holders can participate in the Velas network governance by voting on proposals that seek to improve the network's functionality or update its parameters. The number of VLX tokens staked determines the voting power of each user.

5. Access to dApps

VLX tokens can be used to access certain dApps built on the Velas network. For example, the Velas Chain Explorer offers a premium subscription service that allows users to export data and view new features by staking VLX tokens.

6. Gas fee payment

VLX tokens are used to pay for gas fees on the Velas EVM, which is a platform for developing and deploying Ethereum Virtual Machine (EVM) compatible smart contracts. Gas fees are paid to node operators who handle the execution of these smart contracts.

7. Purchase of computing resources

VLX tokens are used to purchase computing resources from the Velas Compute Platform, a decentralized cloud computing marketplace. Users can use these resources to host websites, run applications, or store data.

8. Discounts on transaction fees

Users who stake their VLX tokens can receive discounts on transaction fees. The larger the amount of tokens staked, the larger the discount.

9. Trading and speculation

VLX tokens are traded on cryptocurrency exchanges, allowing users to speculate on its price and capitalize on market volatility.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

STRAX

$0.0653

16.88%

Trade Now
ABT

$0.9733

15.55%

Trade Now
LAYER

$3.2468

12.91%

Trade Now
BONE

$0.3165

12.10%

Trade Now
TAI

$0.0885

10.06%

Trade Now
OMI

$0.0...02123

9.49%

Trade Now

Latest Crypto News

As Hyperliquid Price Hits New Highs and Suffers a Twitter Security Mishap, Market Eyes Are Quickly Shifting
2025-05-04 16:20:12
In a landmark move, over 70 leading crypto organizations, including Arbitrum, Yuga Labs, and Magic Eden have backed Thinkagents.ai's open-source framework
2025-05-04 16:20:12
XYZVerse ($XYZ) Combines Sports and Crypto
2025-05-04 16:15:12
Remittix Price Prediction: Double Your Investment as Institutional Demand Increases
2025-05-04 16:15:12
Deribit Explores US Expansion, Driven by a More Crypto-Friendly Stance Under the Trump Administration
2025-05-04 16:10:12
Bitcoin (BTC) Miners' Decisive Break Above $95K Injects Fresh Optimism
2025-05-04 16:10:12

Related knowledge

How to buy GROK coin for beginners? The most complete step-by-step guide in 2025

Apr 02,2025 at 03:55pm

In the world of cryptocurrencies, GROK coins have attracted the attention of many novice investors due to their unique background and potential. If you are also interested in buying GROK coins, here is a comprehensive guide to buying steps for 2025.1. Understand GROK CoinsBefore you step into the buying process, it is crucial to have a deep understandin...

Where can I buy GROK coins? Which exchanges have launched them?

Apr 02,2025 at 10:17am

As a digital currency that has gradually emerged in the cryptocurrency market, GROK coins have unique value and application scenarios. It is built on specific blockchain technology and aims to provide users with functions such as decentralized finance (DeFi) services and convenient cross-border payments. Its total issuance volume, consensus mechanism an...

Is GROK coin related to Musk’s Grok AI?

Apr 01,2025 at 05:52pm

At a time when cryptocurrencies and artificial intelligence are developing rapidly, new concepts and products are emerging one after another, which is dazzling. The similarity between GROK coins and Musk's Grok AI inevitably arouses the public's curiosity. Is there any connection between them? Next, we will explore this issue in depth.The birth ...

What is Grok Coin? Why is it suddenly surged?

Apr 01,2025 at 05:42pm

GROK Coin is a cryptocurrency based on blockchain technology, usually classified as 'meme coin'. Its name is inspired by the AI model 'Grok' launched by the xAI company owned by Elon Musk. Although GROK coin has no official connection with Musk or xAI, it has attracted attention in the cryptocurrency community with the popularity of the name Grok and Mu...

What is the investment prospect of Virtuals Protocol (VIRTUAL) coin?

Dec 03,2024 at 09:02am

What is the Investment Prospect of Virtuals Protocol (VIRTUAL) Coin?Understanding Virtuals Protocol (VIRTUAL) CoinDefinition: Virtuals Protocol (VIRTUAL) is a decentralized blockchain platform that aims to provide a seamless and secure platform for decentralized applications (dApps). It utilizes a native cryptocurrency,VIRTUAL, which fuels the protocol'...

Does Virtuals Protocol (VIRTUAL) coin have 10,000 times potential?

Dec 04,2024 at 12:22pm

Does Virtuals Protocol (VIRTUAL) Coin Have 10,000 Times Potential?The cryptocurrency market is a rapidly evolving landscape, with new projects emerging all the time. One such project is Virtuals Protocol (VIRTUAL), a decentralized virtual reality platform. The VIRTUAL coin is the native token of the Virtuals Protocol ecosystem, and it is used to power a...