Market

The Velum chain includes an order book: you can buy and sell VEL against any token on the network with no middlemen. Matching happens inside the state machine, identically on every node, block by block.

Pairs

Every pair has VEL on one side: VEL/<token>, for example {{pair}}.

  • Price: smallest token units per 1 VEL. With {{quote}} (6 decimals), 12500 means 0.0125 {{quote}} per VEL.
  • Amount: always in µVEL.

Placing an order

order.place { pair, side: "buy" | "sell", price, amount, ttl? }
  • Funds are locked in the order: buyers lock tokens, sellers lock VEL.
  • Minimum order: 1 VEL.
  • At most 50 open orders per wallet.
  • ttl in epochs: 10,080 by default (7 days), 43,200 maximum (30 days).
  • Placing and cancelling orders pays no flat fee.
{ "type": "order.place", "chain": "{{chain}}", "from": "vel…", "nonce": 9, "ts": 1793577600000,
  "pair": "VEL/tEUR", "side": "buy", "price": 12500, "amount": 250000000, "ttl": 1440, "sig": "…" }

{ "type": "order.cancel", "chain": "{{chain}}", "from": "vel…", "nonce": 10, "ts": 1793577660000,
  "id": "4c1f0a…", "sig": "…" }

How orders match

  • Price, then time. The best offer wins; at the same price, the earliest one.
  • Trades execute at the price of the order already in the book.
  • Whatever doesn't execute stays in the book as a new order.
  • An incoming order matches against at most 100 counterparties.

Fee

The same rule as payments, on the traded amount and using the network price: 0 below €1,000 and 0.01% from €1,000. The order that arrives and crosses the book (the taker) pays it. It's set aside: 80% for those who open bridges and 20% in the Network Reserve. VEL is never destroyed.

The network price

The `VEL/vUSDT` pair feedsThe `VEL/tEUR`, `VEL/tUSD` and `VEL/tUSDT` pairs feed the network's **own oracle**: the time-weighted average (TWAP) over the last hour. It's the price the app and website show, and the one that decides whether a payment reaches €1,000. See [The VEL coin](/docs/moneda#precio).

Cancel and expire

order.cancel { id }       returns what was locked

Orders expire on their own once their ttl passes: funds are returned at the epoch close.

Buying with euros or dollars

  • Euros: the app will open a regulated provider (under MiCA, a crypto-asset service provider) that delivers a stablecoin to your wallet. From there you buy VEL on the market. Velum doesn't hold anyone's money.
- **Test network:** you use `tEUR`, `tUSD` and `tUSDT` from the faucet. They aren't money. - **vUSDT:** each vUSDT represents 1 USDT held by the bridge. The bridge starts closed and will open later; until then the `VEL/vUSDT` book will be empty.