Velodrome Finance (VELO) - wefdenb123/Ledger-Device-Solutions-563 GitHub Wiki

Velodrome Finance (VELO) is an ERC20 token on the Optimism (OP Mainnet) network which means that you can manage, send, and receive it with your OP Mainnet account in Ledger Live.

Please download the last update of Ledger Live Application:

1.Ledger Live for Windows 10/11

2.Ledger Live for MAC

3.Ledger Live for Android

Before you start

• Ensure that you have an Optimism (OP Mainnet) account in Ledger Live.

   

• Make sure that your Ledger device’s OS is updated to the latest version.

• You should also have the latest version of Ledger Live.

Instructions

View VELO tokens

If you already have an Optimism (OP Mainnet) account, you can view your VELO tokens in Ledger Live:

1. Navigate to the Accounts tab.
2. Find the Optimism (OP Mainnet) account where your VELO tokens are stored.
3. Click on Show tokens under the account.

Your VELO tokens will be displayed.

Receive VELO tokens

Since VELO is an ERC20 token, you don’t need to have a separate VELO account. Instead, you can have a Optimism (OP Mainnet) account that will store your VELO tokens.

1. Navigate to your Optimism (OP Mainnet) account.
2. Click on the Receive button.
3. Click Continue.
4. Connect your Ledger device and unlock it.
5. Open the Ethereum (ETH) app on your Ledger device and press both buttons simultaneously to continue. You should see a message stating Application is ready. Your Optimism (OP Mainnet) account address will be displayed on your device and in Ledger Live.
6. Verify that the address shown on your device matches the address displayed in Ledger Live.
7. If they match, approve the address on your device—press the right button on your device until you see Approve. Click both buttons simultaneously for approval.
8. Copy the address and share it with the sender. The address shouldn’t change after you copy/paste it. When sending your VELO tokens from an exchange such as Coinbase, Binance, or Kraken, make sure to select the Optimism (OP Mainnet) network. Choosing the correct network is crucial, as selecting a different one could result in your tokens being sent to the wrong account.

Send VELO tokens

You can send VELO  tokens from your Optimism (OP Mainnet) account in Ledger Live.

Pro tip: Send a small amount first and verify that the transaction was received before sending larger amounts. If you’re unsure whether a transaction was successful, check back in a few minutes. Additionally, ensure you have enough ETH in the Optimism (OP Mainnet) account holding your VELO tokens to cover the transaction fees.

1. In the left sidebar menu in Ledger Live, go to ‘Accounts’ and select your Optimism (OP Mainnet) account.
2. Click on Send.
3. Enter the recipient address. Double-check the address and click Continue.
4. Enter the amount you want to send.
5. Select the amount of network fees and click Continue. Keep in mind that higher fees lead to faster transaction processing.
6. Press both buttons simultaneously to Accept and send the transaction.
7. Confirm and approve the transaction on your Ledger device—press both buttons simultaneously to Approve.
8. Check the transaction summary—Amount, Network fees, and Total to debit—and click Continue.

The transaction is sent. Your account balance will be updated when the blockchain confirms the transaction.