A new anonymous team, known as Super Mises, decided to start conducting DeFi experiments. The team launched a VELO token which can be farmed starting today, and ending on December 2nd, 2020. The coin is the first crypto in history that rebases its supply based on velocity, rather than the price.
Experimentation with the crypto industry seems to have worked well so far, as it uncovered a lot of new use cases and possibilities. However, even with that said, an anonymous team managed to catch everyone’s attention by taking such tests to a whole new level.
Experimenting with DeFi
The anonymous team in question is going by the name of Super Mises. They launched their own DeFi token — VELO (VLO) — and are using the current major DeFi trends such as yield farming and rebasing currencies for their experiments.
From what is known, the team is interested in seeing how the value of velocity changes, so this is what the tests are revolving around.
Starting today, November 4th, 2020, the token can be farmed on Velotoken.fi, and this will remain possible until December 2nd of this year. The token is capped at 100 million units, and it is estimated the entire supply will be mined by this date. After that, no new tokens will be released.
The Project’s Future in the Hands of the Community
100% of the tokens are designated for yield farming. This will allow the distribution of the token to remain fair.
However, a far more important detail of the project is that the token will rebase its supply based on velocity, rather than the price. Basically, after the farming has been done, the total supply of VELO will increase or decrease in inverse relation to the velocity of the token.
Of course, it will never exceed 100 million units, as mentioned.
So far, it is impossible to predict how the experiment might end. The community of the project is the one who will have to search for the token’s potential use cases, and take an active part in deciding which path it will take as it moves forward.