Appreciate the data, @Curia.
As you mentioned, there are multiple factors that have affected Velora’s revenue.
- Market decline which affected all trading venues.
- Losing Aave as our B2B partner.
- Rise of orderbook DEXs like Hyperliquid, Ligher etc.
Now let’s dig deeper into the fee structure with a quick comparison on the cost of buying ETH on Velora versus Hyperliquid, focusing on a simple ETH/USDC spot market swap with taker execution.
Fee structure overview
- Velora
- Charges a flat 15 bps UI fee on most swaps.
- On top of that, users still pay:
- underlying DEX LP fees (~5 bps), and
- gas (roughly $5–15 depending on the network).
- Hyperliquid
- Uses tiered maker/taker fees based on 14-day volume.
- At the lowest tier, spot taker fees are ~6–7 bps.
- Using USDC as the quote asset gives a ~20% discount, bringing effective taker fees to ~5–5.6 bps.
- No gas fees for the user.
Example: Buying 1 ETH at $3,000
Assuming a market swap with no slippage:
- Velora
- UI fee (15 bps): ~$4.50
- DEX fee (~5 bps): ~$1.50
- Gas: ~$5–15
- Total cost: ~$11–21
- Hyperliquid (Tier 0)
- Fee (~5.6 bps): ~$1.68
- Gas: $0
- Total cost: ~$1.5–2
Conclusion :For simple spot trades, Hyperliquid is clearly cheaper, even at the lowest fee tier. Velora still makes sense for more complex routing and fragmented liquidity, but when it comes to pure spot execution, fee competitiveness really matters—especially as orderbook DEXs keep gaining traction.
That said, there are other factors that could justify this, such as incentives, speculation around another airdrop, and a superior UX, which I haven’t examined here.
Agreed. If CowSwap has B2B features that Velora doesn’t, we should move fast to close that gap. Otherwise, we risk falling behind, especially as competition keeps tightening with perp DEXs now supporting spot pairs.
Further More, we should also think bigger and come up with a solid plan to stay competitive on protocol fees against orderbook DEXs like Hyperliquid and Lighter.