Velas APIs | Querying Velas Blockchain

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TL;DR – We have indexed Velas blockchain, therefore now you can use Bitquery APIs to query Velas. To get started, sign up on our Blockchain IDE and get your API keys.

What is Velas?

Velas is a Switzerland-based blockchain project, who claims to have the capacity to process 50k+ t/ps, without giving way to security or decentralization.

Velas is an AI-powered Delegated Proof-of-Stake (AIDPOS) blockchain and open-source platform for decentralized applications. It is a project that combines Blockchain and innovative AI technologies to create a transparent, community-driven, and decentralized ecosystem of products and services. 

Velas Blockchain’s performance is much higher than what can be seen across most of the existing blockchain platforms. It will expand upon the Solana codebase in order to obtain and leverage one of the fastest blockchain frameworks in the entire crypto industry, far exceeding previous framework speeds and those of competitors. 

As a result, all Ethereum-based decentralized applications (dApps) and decentralized financial protocols (DeFi) can be seamlessly run on Velas.

Created in 2019, Virtual Expanding Learning Autonomous System, or simply ‘Velas’, is a new and exciting blockchain startup located in Switzerland.

As is now quite common for new blockchain startups, Velas was launched with the overarching objective of solving the many issues facing existing networks such as Bitcoin. In a nutshell, this centres around the challenges of scalability.

In the case of Bitcoin, for example, the network is still limited to just 7 transactions per second, at an average block confirmation time of 10 minutes.

On the contrary, the team at Velas argue that their native blockchain protocol has the capacity to achieve 50k+t/ps, while at the same time, remaining safe and secure from the threats of a 51% attack. Moreover, the Velas blockchain remains decentralized at all times.

Velas Token (VLX ) is used for transactions, payments, fees and for supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.

It is aiming for high performance by splitting its modifiable state across multiple accounts. While this allows Velas to process transactions in parallel on a single shard, it also introduces complications for ordinary DApps developers. Additionally, many dApps already rely on Solidity and the Ethereum technology stack. These two reasons slow down the adoption of non-EVM ecosystems.

In this article, we will talk about how to use Bitquery to query the Velas blockchain. In addition, we have enabled GraphQL APIs on Velas for developers and businesses to access Velas and DApps data through our APIs.

If you are looking for Velas APIs, please sign up on our Blockchain IDE and get your API keys.

Velas Block

Velas blocks are produced by AI-powered Delegated Proof-of-Stake(AIDPOS) consensus. Till now, the blockchain has produced more than 134955 blocks. On average, Velas produces ~20000 blocks per month. If you want to know the latest Velas transactions, you can use this query.

Velas Transactions

One of the vital aspects of Velas hybrid design is that it’s built for scalability. Velas has processed more than 131403 transactions, of which more than 35858 were processed in Sept 2021.

Velas transactions over time
Velas transactions over time

Velas Gas Analytics

Velas is built for scalability and business use cases. You can check Velas’s average gas cost per month using this query.

Average transaction price on Velas
Average transaction price on Velas

Velas Transfers

Velas processed more than 149639 transfers since its launch, in which 35000 transfers were processed in August 2021.

A transfer is when any token or native currency get transferred. And a transaction can contain 0 to more than 1 transfer.

Velas has more than 17020 unique receivers and 5861 senders.

Velas Transfers over time
Velas Transfers over time

Tokens on Velas

At the time of writing this article, there were 40 unique tokens on Velas. Using this query, you can check the complete list with some critical data points like total senders, receivers, average transfer value, etc.

VLX (the native token of Velas) is the most transferred currency on the Velas blockchain, with more than 130457 transfers.

Top Tokens based on transfers on Velas
Top Tokens based on transfers on Velas

Smart Contracts on Velas

Velas also saw massive growth in the smart contract calls; currently, Velas is executing more than 7000 calls per month. The good part is that these calls come from more than 14K smart contracts and 2k unique callers.

Smart Contract calls month wise
Smart Contract calls month wise

Querying Address Details on Velas

Bitquery makes it very easy to query details for a given address such as balance, currency received and sent, transaction etc. We also enabled Money flow APIs on Velas, making it easy to trace any address on the blockchain.

For example, if you want to check the balance of an address, you can use the following query.

Additionally, use this query if you want to know the total currencies sent and received by a given address.

Inbound / Outbound for a given address
Inbound / Outbound for a given address

Tracking on Velas

Additionally, we have enabled our flagship product Coinpath®, the money tracking APIs on Velas, which helps track money on the blockchain.

For example, check this visualization and drag and drop address and change setting to get more in-depth transactions related to this address.

Money Tracking on Velas
Money Tracking on Velas

Conclusion

While it could be argued that the blockchain arena has since become somewhat oversaturated, there is a lot to like about Velas. While still very early days, its unique consensus mechanism — Artificial Intuition Delegated Proof of Stake, has the potential to solve the ongoing conundrum of scaling a blockchain network to significant heights, without compromising on security and decentralization. If you are looking for Velas APIs, please sign up on our Blockchain IDE and get your API keys. If you are building any application related to Velas, we would be delighted to talk to you; you can email us at hello@bitquery.io or ping us on our Telegram channel.

About Bitquery

Bitquery is a set of software tools that parse, index, access, search, and use information across blockchain networks in a unified way. Our products are:

  • Coinpath® APIs provide blockchain money flow analysis for more than 24 blockchains. With Coinpath’s APIs, you can monitor blockchain transactions, investigate crypto crimes such as bitcoin money laundering, and create crypto forensics tools. Read this to get started with Coinpath®.
  • Digital Assets API provides index information related to all major cryptocurrencies, coins, and tokens.
  • DEX API provides real-time deposits and transactions, trades, and other related data on different DEX protocols like Uniswap, Kyber Network, Airswap, Matching Network, etc.

If you have any questions about our products, ask them on our Telegram channel or email us at hello@bitquery.io. Also, subscribe to our newsletter below, we will keep you updated with the latest in the cryptocurrency world.

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