FSN-Six Network Signs Partnership MOU with Velo Protocol

[Asia Economy Reporter Jang Hyowon] Six Network, a subsidiary of FSN (formerly Future Stream Networks), a comprehensive digital marketing specialist company, announced on the 30th that it has signed a partnership memorandum of understanding (MOU) with Velo Protocol for the purpose of expanding liquidity on the decentralized exchange (DEX) platform ‘definix’.

Through this MOU, a total of 100 million Velo (VELO) tokens from Velo Protocol will be deposited in three pools?VELO-BNB, VELO-FINIX, and VELO-BUSD?as liquidity supply on definix.

As of 9 a.m. today, this amounts to approximately KRW 34.3 billion based on CoinMarketCap, and this liquidity supply from Velo Protocol is expected to be an important stepping stone for definix to achieve a total deposited asset value of USD 100 million (about KRW 118.6 billion) in the future.

Six Network plans to develop VELO swap within the definix exchange and a bridge between Stellar Lumens (XLM) and Binance Smart Chain (BSC) to facilitate smooth trading of VELO on definix. Additionally, exclusive long-term pools and pair pools for VELO will be created within definix.

Started in 2018 as a Stellar-based token project, Velo Protocol provides digital credit issuance and international remittance systems using smart contracts, and is collaborating with CP Group, known as Thailand’s largest conglomerate, to build a blockchain financial platform.

Velo Protocol was founded by Chatchaval Jiaravanon, a member of the CP Group family, and Jed McCaleb, known as the founder of Ripple and Stellar Lumens, directly participates as an advisor. Since its launch, it has attracted attention in the blockchain industry for its outstanding scalability and technology. Through this collaboration with Six Network, VELO is making its first entry into the decentralized finance (DeFi) market, raising expectations for significant growth.

Choh Changhyun, CEO of FSN ASIA, stated, “The synergy between these two leading projects, centered on the Southeast Asian market, will contribute to definix establishing itself as a trusted comprehensive crypto asset management platform. The planned VELO bridge development is expected to generate additional revenue for the definix platform through fees, and the total deposited asset size, expected to approach USD 100 million, holds symbolic significance within the decentralized exchange industry. Therefore, this MOU will serve as an opportunity to provide users with even greater reliability.”

Launched this year by Six Network, ‘definix’ is the second official DeFi project recognized by Klaytn after Ozys’ ‘KLAYswap’ and continues to expand its platform ecosystem through partnerships with Ozys, IoTrust, and others. Currently, definix operates based on Binance Smart Chain and Klaytn chains, offering rebalancing farms, decentralized exchange (DEX), and yield farming functions.