God of hunting and cattle breeding, "skoty god", an embodiment of master's wisdom - one of the most ancient pagan gods at ancient Slavs. It was represented in the form of a bear, later - in the form of the bearded, hairy (volokhaty) aged man. His name also the name of the pagan priest - "magician", that is "volokhaty" is conformable: the first magicians ryaditsya in bear skins.
In the early embodiment Velez was considered as animal god and accepted shape of a bear. He was a patron of hunting production, "god of a dead animal". In a pagan calendar there were Velesova days which were celebrated as a festival of awakening of a bear.
Later Velez bear has become the patron of pets and god of wealth, "skoty god" in national consciousness. In Kiev Velez's idol stood on the Hem, in the lower part of the city, separately from a pantheon of the most chief gods, but all the same used the greatest honoring.
In the last centuries of paganism Velez was esteemed by one of the major gods, Perun's rival (Perun was esteemed by princely god, and Velez - demotic).