Velas FAQ

Velas is the first and fastest EVM/eBPF Hybrid Chain mechanism blockchain, that allows building decentralized applications and smart contracts on its mainnet, allows the scalability of transactions, and is able to validate up to 75,000 transactions per second.

Velas solves the blockchain trilemma with its design to be secure, interoperable, and extremely scalable.

Velas uses EVM/eBPF Hybrid Chain consensus

Velas Network launched Mainnet in February 2020.

An epoch is 432,000 slots, each of which should at a minimum take 400ms. Since block times are variable this means epochs effectively last somewhere between 2–3 days.

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

If you can’t remember what your pin is and/or you lost your pin, don’t worry you can always recover your wallet with your 12/24 words seed phrase.

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

You need at least 2 VLX Native to stark staking.

At the start, you can run a Validator with any amount of VLX, but the node will not receive the rewards if it will not have 1milion VLX.

Yes, Velas is an inflationary token. However, the inflation is low - 8%, which is redusing for 15% every year until it reaches 1,5%. Current inflation is 6.48%

Please, refer to this guide to learn more about the process of staking and rewards

Staking in Velas is in fact delegated staking, meaning that users delegate their tokens to the node of their choice. However, users can choose the node only in case if staking takes place in Velas Wallet.

Yes, there is a fee that depends on the transferred amount - a larger amount = a larger fee. The fee could be seen in Explorer

Yes, the story is the same as with transfers between Velas wallets. There is a fee that depends on the transferred amount - a larger amount = a larger fee. The fee could be seen in Explorer

No, it is not

First of all, check your seed phrase, and if your wallet address is the same as it was meant to be. However, such an accident is almost impossible to occur, so please contact our support team on Telegram (@velas_support, @DexterP) or submit the ticket.

Decentralization is crucial to make service more democratic, honest, and censorship-resistant.

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

Velas platform Fastest EVM/eBPF Hybrid Chain and includes special services like Distributed Data Storage and Decentralized Cloud Computing which could be used by DApps to optimize its performance. Velas system itself is a more secure and scalable system than most of the existing solutions which makes it a great platform for DApp deployment.

Velas Native Token is used inside the Velas Network and also is needed for swapping between your accounts: Native, EVM, Legacy, and for staking.

Velas EVM Token is used inside the Ethereum Network and needed when you want to swap VLX to Ethereum ERC-20, BEP-20 tokens.

Velas Legacy Token is used for interacting with old exchanges and exchanges that have not yet switched to Velas EVM or Native. Legacy addresses (always start with V) essentially are 20 bytes Ethereum-like addresses but encoded differently on UI. The difference is that instead of a hex string prefixed with 0x, the Legacy address is extended with checksum (4 extra bytes), encoded with Base58, and prefixed with ‘V’.

To know the difference between the VLX tokens in your wallet, please check this small piece of infographics.

To setup Velas wallet on your Android device, please follow this guide.

To recover your wallet please follow this guide.

In case you can't see your balance, please follow these steps:

If the balance field are unavailable, try clearing the cache or using other browser.

Restore your wallet with the seed phrase.

Contact Velas support.

You can do it by writing down your address or transaction ID in Velas Explorers (Native or EVM)

For stake accounts you need to use this link https://native.velas.com/

If you want to withdraw, you should first Undelagate the stake account, then after Cooldwon period (~2days), you will be able to withdraw the coins.

To configure your MM account for Velas network, please follow this short guide.

To know how to swap your tokens in the Velas wallet, please read this detailed article.

To add a custom token in the wallet, please follow this neat guide.

On Velas Wallet select section 'Staking'. Choose the Validator you want to stake, amount to be staked and click 'stake'.

Please, refer to this guide to learn more about the process of staking and rewards in Velas wallet

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

Current APR varies from 9.7 to 11%. To find out more info, please read this tiny article.

There is no ideal formula for that. However, there are few “hints”

• The lower % of commissions the higher chance you will receive more reward;
• Select and observe the Validator of your choice and look it on such resources as VelasValidators or Velasity
• The larger the Validator stake, the more likely it will be chosen as a validator and receive a reward.
• However, the share of the reward that the delegate will receive is calculated in proportion to the shares of the other delegates, and it makes sense to choose a Validator so that your share will be higher.

The size of rewards is impacted by additional factors such as network issuance rates (inflation), transaction (and sometimes storage) fees spent within the network, staking participation rates, as well as validator-specific factors such as uptime, commission rates, etc.

Each reward is distributed when the epoch is over. To find out when exactly you will receive your reward you can in our Native explorer - Epoch progress and

Epoch time remaining.

You need to undelegate first, wait till the Cooldown period (~2 days), and then withdraw coins

Validators can set a commission fee in the protocol.

This percentage is the proportional cut that validators receive from the delegated stake for operating the node infrastructure on behalf of token holders.

A 100% commission / Fee means you get 0% of your earnings on your Staked VLX.

A 0% commission / Fee means you get 100% of your earnings on your Staked VLX.

You can do it by writing down your address or transaction ID in Velas EVM Explorer, Velas Mainnet Explorer, or Velas Native Explorer

Stakes, once delegated, do not become effective immediately. They must first pass through a warmup period. During this period some portion of the stake is considered 'effective', the rest is considered 'activating'. Changes occur on epoch boundaries.

Warmup: When sending a staking transaction to the network, the stake first needs to activate before it influences the consensus process and begins to earn rewards. The time this takes is dependent on how much VLX is beginning to stake relative to the VLX already at stake. Up to 25% of the VLX already at stake can warmup per epoch and start to earn staking rewards. In the best-case scenario, when a reasonably high percentage of VLX is at stake and there is little new stake entering, this will usually mean that the stake will become active in the upcoming epoch that the staking transaction was sent. In times of high stake turnover, e.g. at network launch, the stake will progressively activate meaning that only a fraction of stake will enter the validation stage each epoch.

Cooldown: When deciding to stop staking, staked VLX needs to pass a period during which stake remains eligible for penalties before it becomes liquid. Similar to the warmup phase, this happens gradually and works in the same way that warming does, with a maximum of 25% of the VLX at stake being able to pass the cooldown phase per epoch.

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

Time until your stake starts earning rewards: ~2 days

To become a Validator, you must first install a node (Validator Requirements) and then stake it. The total stake amount of a candidate on their own pool cannot be less than the candidate's minimum stake (1 VLX). After a new Validator is created, the candidate can be selected as a Validator at the beginning of the next staking epoch and starts receiving rewards.

Please, refer to our documents section to learn more about technical requeirements for Validators

Here you can find a detailed guide to start running a node on Velas blockchain

To stake VLX you need minimum of 2 VLX to be on the balance.

The node will be a candidate for a master node when the total accumulated stake will reach 1m VLX in total.

To stake VLX you need minimum of 2 VLX to be on the balance.

An epoch is 432,000 slots, each of which should at a minimum take 400ms. Since block times are variable this means epochs effectively last somewhere between 2–3 days.

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

Here is the list of our social media where you can join us and become a part of our community: Reddit, Telegram, Discord, Facebook, Instagram

You can learn more by going through our Medium articles, Whitepaper and GitHub

You can contribute in any way you want: look for bugs in the wallet, make proposals on increasing security of the system, become a member of Distributed File Service (lease your memory), look for security breaches, contribute to community development. We will appreciate any help, contact us via email or reach our community channel admins if you have any proposals considering your contribution

Feel free to send us an email at [email protected], [email protected], or [email protected] depending on your purpose

To contact our support team you write our agents on Telegram (@velas_support, @DexterP) or submit the ticket/chat with them here.