"VeleroDAO is the governance protocol behind the first collateral-backed stablecoin, USDV, for the fastest and most secure blockchain network to exist - Velas.
VeleroDAO is not only a first mover on Velas, but also achieved the highest grant award from the Velas Grant Program. By forking MakerDAO for the Velas network, VeleroDAO has become the main infrastructure project on Velas. This is a vital building block in the exploding Velas DeFi ecosystem.
What does VeleroDAO do? It allows users to use crypto as collateral to generate USDV with only 1 simple step - creating a Collateralized Debt Position (CDP) by depositing $VLX to the VeleroDAO smart contract. After that, USDV begins working as a hedging mechanism for preserving capital!"