This is the 10433rd most frequent Russian word.
велось
"Was conducted" or "was carried on."
The word "велось" here means "was carried on" or "was passed down" in an impersonal context.
История велось поколениями в этой семье.
The history was passed down through generations in this family.
The word "велось" in this context means "was taking place" or "was conducted" as part of a subject-focused depiction of an activity.
Когда велось строительство, все работали очень усердно.
When the construction was taking place, everyone worked very diligently.
The word "велось" signifies "was conducted" or "occurred" within the sentence, describing how trade happened historically.