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  • Velas enhances the utility of its smart contract platform with the recent upgrade coming from an alignment with Solana network.
  • The partnership opens up the possibility to interact with Ethereum Virtual Machine that allows smart contract based applications to function.

Velas continues to enhance the utility of its smart contract platform, with the most recent upgrade coming from an alignment with Solana network. With this newest partnership, Velas will be able to leverage Solana’s codebase and many of its features, such as access to one of the most advanced blockchain frameworks in the industry and the addition of Ethereum Virtual Machine (EVM) support on the Velas network.

Since Velas is a high throughput blockchain platform working on growing the decentralized finance ecosystem, the partnership opens up Velas to a lot of new possibilities. This includes the ability to interact with the EVM, the Ethereum Virtual Machine that allows smart contract based applications to function. Ethereum is by far the most widely used defi platform on the market, with the majority of dApps built on the network, so this EVM bridge will allow for those applications to run faster and smoother with Velas’ increased transaction per second (TPS) capabilities.

Defi Keeps on Chuggin’

Decentralized financial (defi) applications have taken the cryptocurrency ecosystem by storm. Innumerable dApps provide value to users through decentralized platforms such as buying or receiving insurance, trading an asset on an exchange, or giving or receiving a loan. The value proposition of this has been made very clear to users, causing defi apps to take off in popularity, with close to $25 billion in total locked value currently, compared to less than $1 billion just 10 months ago. Although the importance of these applications is evident, there are still many bottlenecks experienced by defi users, a problem that Velas is working on fixing.

Although Ethereum has the majority of defi applications and users, a number of deep-seated problems are holding it back from mainstream usability. One of these is the limited transaction processing capacity, with Ethereum currently only able to process about 10 TPS. With the new EVM bridge to Velas, Ethereum-based applications can be wrapped and executed on the Velas platform, allowing for much higher transaction speeds and thus greater usability. Another problem faced by Ethereum defi users is the extremely high transaction fees currently charged on the network. With the current rise in price across most cryptocurrency assets, especially Ether, users have seen a massive hike in Ethereum transaction fees, with Uniswap trades now routinely exceeding $50.

This current iteration of defi is not sustainable with Ethereum’s network conditions, as it simply doesn’t have the ability to efficiently operate at scale. The latest Velas and Solana partnership allows for the mitigation of many of these problems. The new features available for Ethereum users on the Velas network should defi applications a whole lot faster, easier, and cheaper for developers and users alike.

This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

Marcel is the founder of Crypto News Flash and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628

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