Tokenized Weight of the OpenX Project's veVELO Position
opxveVELO token address: 0x46f21fDa29F1339e0aB543763FF683D399e393eC opxveVELO reserve address: 0xa7ef8b87451694162374b7467d3d7e1981563513
opxveVELO is an algorithmic synthetic currency pegged to the price of VELO that tokenizes the value of our veVELO position. It is the receipt-token issued for perpetually bonded VELO.
Algorithmic: Our exchange uses automated processes and a liquid reserve to ensure parity.
Synthetic: Token is intended to track the price of VELO using on-chain mechanics.
Currency: Token has its own liquidity profile creating a free-floating exchange.
The algorithmic pegging process fixes the free floating exchange rate to the price of VELO by purchasing opxveVELO when it is below peg and selling opxveVELO when it is above peg.