Velas
VLX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Velas (VLX) exhibits signs of severe protocol dormancy and market distress across all evaluated metrics. Active development has ground to a near-complete halt with no human-tagged major releases in over two years, leaving the codebase stalled at v0.6.x despite promotional claims of 'Velas 3.0'. On-chain and community engagement is essentially moribund, featuring negligible transfer volume and no active governance. Tokenomics pose centralization and transparency concerns, including conflicting supply figures across aggregators, a steep 1 million VLX validator threshold, and lack of clear vesting disclosures. Market liquidity is critically impaired, with market capitalization down to ~$1.18M-$2.2M and 24-hour volume dropping below $1,000, reflecting a >99.8% unrecovered collapse from its all-time high. While the team is publicly identified (Zug, Switzerland) and no specific exploits, hacks, or regulatory enforcement actions were identified, the project suffers from a complete absence of verified third-party code audits or active bug bounties. With weighted scores reflecting severe decay and lack of adoption, VLX poses extreme holding and liquidity risks.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Velas (VLX)
Velas (VLX) is the native token of the Velas blockchain, an EVM-compatible Layer-1 network launched in 2019 and headquartered in Zug, Switzerland. Founded by Alex Alexandrov and led by CEO Farhad Shagulyamov since December 2021, the network was built with an EVM/eBPF hybrid architecture based on a fork of Solana. The VLX token functions as the network's asset for transaction gas fees and proof-of-stake validation, supported by a tokenomic model featuring an initial 8% annual inflation rate that decreases yearly by 15% toward a 1.5% floor.
The project operates under a centralized corporate structure without an active decentralized autonomous organization (DAO) or on-chain voting mechanisms for token holders. Network validation requires a threshold of 1 million VLX. Public reporting on token supply presents discrepancies across aggregators, with total supply estimates ranging between 2.1 billion and 2.8 billion VLX, and the project lacks published vesting schedules or formal allocation disclosures.
Velas exhibits signs of core protocol dormancy and severe market contraction. Codebase updates have stalled at version 0.6.x without substantive human-tagged releases in over two years, and the project lacks verifiable third-party code audits or an active bug bounty program. Additionally, VLX has suffered an unrecovered price crash of more than 99.8% from its all-time high of $0.5158, accompanied by minimal on-chain activity, daily trading volumes often below $1,000, and a market capitalization depressed to roughly $1.18 million to $2.2 million.