Deposit & Withdraw
The Vault
The Vela vault contract is entirely backed by the USDC Native stablecoin. The platform infrastructure was built to accept a variety of other stable assets, but is currently only supporting USDC to simplify collateral and liquidity deposits. By funding an exchange wallet, users gain access to USD on the platform, which can be redeemed for the underlying deposit at any time.
Migration of the vault from USDC.e to Arbitrum Native USDC will begin the week of April 15th, 2024. There will be no changes to user balance, VLP value, or requirement for user action. This maneuver is being performed in order to mitigate risk from exposure to bridged assets and to adapt to the overall shift in liquidity to Native USDC post-launch.
Trader exchange balances are entirely self-custody, and manual withdraws are possible if any front-end errors occur. Depositing and withdrawing with Vela Exchange is enhanced to allow for simplified funding - the exchange offers direct wallet deposits, Multichain deposits, and convenient fiat on/off ramping.
Withdraw Updates
To further secure the vault, we've implemented a 24-hour withdrawal cooldown. This enhancement is part of our commitment to your security and adherence to the best business practices.
Fiat On/Off ramps
Vela Exchange has partnered with Transak in order to integrate fiat on and off ramping directly within the application. Users can access liquidity from all aspects of their financial network entirely within the Vela Exchange.
Any KYC, limitations and restrictions, and supported purchase or transfer processes are owned fully by Transak and any other partners.
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