Perp DEX Velocity Opens Beta to All Users With Up to 20x Leverage

Removing a whitelist is the point where a perp DEX stops being a controlled test and starts competing for order flow, so the real question is whether Velocity's multi-collateral model — wBTC, wETH, SOL and USDT in one account — draws traders away from venues that keep collateral siloed. High leverage on on-chain USDT settlement raises the familiar trade-off between capital efficiency and liquidation risk, particularly for the non-stable collateral. What matters next is whether liquidity deepens enough to hold spreads, and whether the beta label gives way to a full launch.