Velas peaked towards the end of November and established its all-time high at $0.56. The market was gripped by strong bearish pressures afterwards and the cryptocurrency declined towards a low of $0.20. However, the month of December resulted in a trend reversal as VLX token tried to reach upwards. The cryptocurrency has maintained its upward trajectory and possibilities of reaching back to its ATH levels exist. At the time of writing, the cryptocurrency stands at a price level of $0.32. The price of the cryptocurrency has jumped upwards by nearly 30% during the past twenty-four hours – making it one of the best performers of the day. Moreover, the daily trading volume of the cryptocurrency has also surged by more than 850%. Velas currently stands at a market rank of #120. 

What is Velas?

Velas is regarded as the fastest EVM compatible blockchain. It has the potential to process 75,000 transactions per second which is unmatched in the blockchain world. For comparison’s sake Bitcoin and Ethereum’s capabilities enable them to process only 7 and 15 transactions per second respectively. Moreover, the high speed does not come at a cost of security or transaction cost as is the norm in the cryptocurrency market – what is known as the blockchain trilemma. What makes the blockchain even more unique is that it also provides top-notch security as well as some of the lowest transaction costs in the market. 

Velas stands for Virtual Expanding Learning Autonomous System. The ecosystem provides a conducive environment for decentralized applications and other products that are built on top of it. Moreover, now with the expected launch of Ethereum 2.0, the team regards Velas to be so technologically-advanced that it is already equipped to compete for the next rendition of the queen of the market. 

Recent developments 

Having such strong fundamentals, the development team does not regard this to be the end of the network. The network has announced a new CEO, Farhad Shagulyamov, who is dedicated towards the success of the network. Moreover, Velas will soon be supported by bitKeep which will boost its adoption significantly. 

The network has bagged a victory in the form of a partnership with Ferrari. One of the most popular luxury car brands, Scuderia Ferrari, has announced Velas Network AG as its premium partner. The multi-year agreement is for the creation for exclusive digital content for Scuderia fans.