Velas FAQ

General FAQs

What is Velas?

Velas is the first and fastest EVM/eBPF Hybrid Chain mechanism blockchain, enabling the development of decentralized applications and smart contracts on its mainnet. It allows for scalable transactions, validating up to 75,000 transactions per second.

What problems does Velas solve?

Velas addresses the blockchain trilemma by being secure, interoperable, and extremely scalable.

What is the Velas consensus mechanism?

Velas uses EVM/eBPF Hybrid Chain consensus.

When was Velas Network launched?

Velas Network launched Mainnet in February 2020.

What is the epoch length?

An epoch is 432,000 slots, each lasting between 2–3 days.

How do I recover my web wallet?

You can recover your wallet with your 12/24 words seed phrase.

What do I do if I lose my pin?

If you lose your pin, recover your wallet with your 12/24 words seed phrase.

How many wallets can be created?

There are no limits to the number of wallets you can create.

How much VLX do you need to start staking?

You need at least 2 VLX Native to start staking.

How much VLX do you need to run a Validator?

Initially, any amount of VLX can run a Validator, but for rewards, it needs 1 million VLX.

Is Velas inflationary? What is the inflation and total supply of VLX tokens?

Yes, Velas is inflationary, with a reducing inflation rate from 8% to 1.5%.

How can I stake VLX tokens?

Refer to this guide for staking and rewards.

How do I delegate VLX?

Staking in Velas involves delegated staking, where users delegate their tokens to the chosen node through Velas Wallet.

Is there a transfer fee between Velas wallet?

Yes, there is a fee depending on the transferred amount, visible in Explorer.

Is there a transfer fee between Velas wallet and exchanges?

Yes, a fee applies based on the transferred amount, visible in Explorer.

Is it possible to transfer assets to multiple addresses in one transaction?

No, it is not possible.

I can't see my VLX in my wallet! What do I do?

Check your seed phrase and contact support if needed.

Why should it be decentralized?

Decentralization ensures a more democratic, honest, and censorship-resistant service.

When I participate, what data do I share with Velas?

Users don't send any data to Velas; Velas doesn't request data from users.

Why should I use Velas to deploy my dApp?

Velas offers the Fastest EVM/eBPF Hybrid Chain, providing specialized services like Distributed Data Storage and Decentralized Cloud Computing for optimized DApp performance.

Velas Networks: What are tokens Native, EVM, Legacy, ERC-20, BEP-20, HRC-20 for?

Native Token is for Velas Network, EVM Token for Ethereum Network, and Legacy Token for interacting with old exchanges.

What is Velas Native and what are the differences?

Check this infographics piece to understand the differences between VLX tokens.

Velas Android wallet setup

Follow this guide to set up the Velas wallet on your Android device.

How do I recover my web wallet?

To recover your wallet, follow this guide.

Can't see VLX in Velas Wallet

If you can't see your balance, clear the cache, restore with the seed phrase, or contact Velas support.

How can I check the status of my transaction?

Check your address or transaction ID in Velas Explorers (Native or EVM).

How much should I wait on withdrawal?

After Undelegating, wait for the cooldown period (~2 days) to withdraw.

How to configure MetaMask for Velas Network RPC

Configure your MetaMask account with this guide.

Staking FAQs

How to become a delegator?

On Velas Wallet, navigate to the 'Staking' section. Choose the Validator you wish to stake with, specify the amount, and click 'stake'.

How to delegate/undelegate and claim the Rewards in Velas Wallet

Refer to this guide for comprehensive insights into the staking and rewards process in Velas Wallet.

How long could I be a delegator?

There are no limitations on the duration of delegating your stake.

How many % of reward can I earn with staking?

The current APR varies from 9.7% to 11%. For more details, read this article.

How to choose the Validator?

While there's no ideal formula, consider factors like lower % of commissions, Validator reputation on resources like VelasValidators or Velasity, larger Validator stake, and ensuring a higher share of rewards.

What is the amount of reward I will receive?

The size of rewards is influenced by factors like network issuance rates, transaction fees, staking participation rates, and Validator-specific factors. It varies accordingly.

When I will receive my reward?

Rewards are distributed at the end of each epoch. Check the Native explorer for epoch progress and remaining time.

How to exit the delegated stack?

Undelegate first, wait for the Cooldown period (~2 days), and then withdraw coins.

Validators commission - what it means?

Validators can set a commission fee in the protocol. This percentage represents the cut Validators receive from the delegated stake for operating the node infrastructure. A 100% commission means 0% of earnings for Staked VLX, while a 0% commission means 100% of earnings.

How can I check the status of my transaction?

You can do so by noting your address or transaction ID in Velas EVM Explorer, Velas Mainnet Explorer, or Velas Native Explorer.

Delegation warmup and cooldown period

Stakes, once delegated, don't become effective immediately. They go through a warmup period for activation and a cooldown period for withdrawal.

Cool-down period

Time for your stake to become liquid after you stop staking: ~ 2 days.

Warm-up period

Time until your stake starts earning rewards: ~2 days.

How can I become a Validator?

Install a node (Validator Requirements), stake it, and ensure the total stake on your own pool is not less than your minimum stake (1 VLX).

Validator requirements

Refer to our documents section for technical requirements for Validators.

How can I become a validator?

Find a detailed guide here to start running a node on the Velas blockchain.

How many tokens are required to stake VLX?

To stake VLX, a minimum of 2 VLX is required in your balance.

How much VLX do you need to run a master node?

The node becomes a candidate for a master node when the total accumulated stake reaches 1 million VLX.

How much VLX do you need to become a delegate?

To stake VLX, a minimum of 2 VLX is required in your balance.

What is the epoch length?

An epoch is 432,000 slots, each lasting a minimum of 400ms, effectively extending between 2–3 days.

What is the difference between validator and delegator?

A Validator is a node participating in the verification and consensus process of the block, while a delegator is a node on the network that can delegate its stake to a specific Validator.

Community Inquiries

How can I join the Velas community?

Join our community on Reddit, Telegram, Discord, Facebook, and Instagram to be a part of discussions and updates.

Where can I learn more about Velas?

Explore our Medium articles, Whitepaper, and GitHub for in-depth information about Velas.

How can I help the project?

Contribute in various ways: identify wallet bugs, propose security enhancements, join the Distributed File Service, report security breaches, and participate in community development. Your help is valued; contact us via email or connect with our community channel admins.

Who can I contact regarding a press inquiry?

For press inquiries, reach out via email at [email protected], [email protected], or [email protected], depending on your purpose.

How to contact Velas support?

Contact our support team on Telegram (@velas_support, @DexterP) or submit a ticket/chat with them here.

Need Help?

Have questions? Join our vibrant global community on Telegram or Discord to receive support from pro users, traders, and investors.