Velodrome, the largest trading and liquidity marketplace on Optimism, generated record weekly fees following the announcement Coinbase is launching its own layer two network using Optimism technology. reports
have been averaging roughly $490,000 and $33 million in weekly fees since the start of the year, respectively, data from total value locked aggregator DeFiLlama shows.The recent move in all-time weekly fees follows Coinbase’s announcement last week, another layer two network built using Optimism tech, which has sparked interest in Optimism’s ecosystem. The price of Velodrome’s native token VELO, which has a market capitalization of roughly $62 million, has soared 84.
, is the native token of the Optimism protocol, which grants holders governance rights regarding technical and public-goods funding decisions, while VELO is a utility token for Velodrome that is used to reward liquidity providers through emissions.shows Velodrome has had more than 14,000 users and 81,000 transactions, respectively, in the past seven days.
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