Velas: possible a great project yet undervalued

1. Introduction
Maybe this is one of the big projects still in the initial phase.
Imagine investing in Solana, buying the SOL token when it was worth only pennies on the dollar.
Today it is worth $180...

2. Definition
Basically, Velas is a Solana-based blockchain that aims to simultaneously deliver Solana's speed and scalability, with EVM (Ethereum Virtual Machine) compatibility.
Ethereum is the largest DeFi ecosystem in the world.
This compatibility will facilitate mass portability of Dapps who want to take advantage of the resources of the Solana ecosystem.
VLX is the token used for transactions, payments, fees and Proof-of-Stake consensus, just as SOL is used in the Solana network.

3. Tokenomics
'Tokenomics are the economics rules of behavior and interaction of participants in the blockchain network'.

Total supply: 2,124,380,663 VLX
Circulating supply: 2,124,380,663 VLX
Inflation rate: -8%

4. Wallets
Velas EVM x Velas Native x Velas Legacy

a) Velas EVM --> is a wallet to interact with EVM applications (made with Ethereum technology).
Also used to exchange currencies for BEP-20 (Binance Smart Chain) and ERC-20 (Ethereum Mainet Chain) format.

b) Velas Native --> is the required wallet for staking, and applications written at the native level (Solana technology).

c) Velas Legacy --> is a wallet to interact with old exchanges or exchanges that have not yet migrated to the Velas EVM\Native

5. DeFi
The network already has an active DeFi.
On the DeFi Llama website, the blockchain has a TVL (Total Value Locked) of $31,166,653.
It is still at an early stage with only one Dapp: WagyuSwap, whose token is WAG.
By way of comparison, the Ethereum network has a TVL of $196.81b, and Solana has $11.79b

6. Graphical Analysis
For a more thorough analysis, I pulled Coingecko's past data.
We have a bullish parallel channel.

Plotting the Fibonacci retracement from the bottom of 0.03 to the top of 0.63, we can see that we are theoretically at a good buy point at the 61.80% or 50% resistance.
In a more optimistic scenario, the price could test this region of 61.80% and 50% and then rise again.
In a bearish scenario, the price could retest the channel at the bottom, and only then go back up.


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