Velodrome, the largest decentralized exchange on layer 2 network Optimism, is set to upgrade to its second version on June 15. The upgrade aims to improve user experience, security, and simplify smart-contract architecture.

New features include a rebuilt frontend, customizable pool fees, and concentrated liquidity pools. The native utility token for Velodrome, VELO, has dropped by around 8% in the past 24 hours to 8.8 cents, while the platform's total value locked has decreased by roughly 4% in the past week. The upgrade is expected to increase fee capture and liquidity management.