Vela Exchange (VELA)
Perpetual DEX on Arbitrum with low fees and deep liquidity.
Ranked 106th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
VELA scores 107 of 250 across the 25-variable framework, which places it 106th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on TVL Trend 5/10, 30th of 251, Revenue Trend 5/10, 32nd of 251, Real Staking Yield 5/10, 37th of 251 and P/S Multiple 5/10, 38th of 251.
Against the same universe, VELA sits in the bottom third on Exchange Depth 3/10, 220th of 251 and Institutional Adoption 2/10, 192nd of 251. These are the variables that would have to move for the verdict to change.
Only 50% of VELA's maximum supply is in circulation, so 2x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 50% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
The framework score gained 107 points against the previous pass (0 to 107). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Vela Exchange perp DEX on Arbitrum; token buyback and burn mechanism.
Principal risk
Low trading volumes vs. GMX; reliance on Arbitrum network; token dilution.
Market and supply
| Price | not published |
| Market cap | not published |
| Circulating supply | 50,000,000 |
| Eventual supply (max supply) | 100,000,000 |
| Dilution to full supply | 2x |
| Listed on | Uniswap, Camelot, Bybit |
We couldn't match VELA to a live market row, so no price, market cap or all-time high is shown. Publishing the figure recorded at the scoring pass would mean putting a months-old number next to analysis that looks current. The 25 scores below stand on their own.
Tokens with a similar profile
These are the closest matches to VELA measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Common questions
- What is the Early Thunder score for Vela Exchange (VELA)?
- VELA scores 107 out of 250 on the 25-variable framework, ranking 106th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are VELA's strongest fundamentals?
- VELA ranks highest on TVL Trend 5/10, 30th of 251, Revenue Trend 5/10, 32nd of 251, Real Staking Yield 5/10, 37th of 251 and P/S Multiple 5/10, 38th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the VELA thesis?
- VELA scores in the bottom third of the universe on Exchange Depth 3/10, 220th of 251 and Institutional Adoption 2/10, 192nd of 251. The single risk carried on the scorecard is: Low trading volumes vs. GMX; reliance on Arbitrum network; token dilution.
- How much VELA supply is still to enter circulation?
- 50% of eventual VELA supply is circulating today, leaving 2x the current float still to arrive. At a flat price per token that is 50% of fully diluted value ahead of current holders.
- Which tokens have a similar profile to VELA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to VELA are VRTX (121), NOS (86), QUICK (105) and INV (95). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for VELA?
- Vela Exchange perp DEX on Arbitrum; token buyback and burn mechanism.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.