I think Lokinet and Veilid are two different solutions to the same problem. Lokinet is intentionally based on the block chain to prevent attacks, while Veilid is intentionally non-blockchain based. Additionally, Lokinet seems to be more similar to Tor in its makeup and purpose, but I can't find any information on how the encryption functions to compare to Veilid's.
AFAICT they're both multi-protocol (or even protocol-agnostic) onion routers. Tor on the other hand can only transport TCP.
And while Lokinet has a stronger focus on exit nodes, I doubt there's no way to host exit nodes on Veilid either.
So from what I can tell they look to be very very similiar. Maybe they differentiate on which cryptographic primitives they use, but otherwise the same concept (except for the node hosting incentive approach).
Maybe I'm entirely mistaken though. It's hard to find technical data about Veilid.