Velvet Antler, commonly from deer but also obtained from elk, is the crushed antler base of the mammal's antlers; these antlers regenerate rapidly and commonly fall off, which then appear to have been used in Traditional Chinese Medicine for general preventative health purposes.
Repeated studies have been conducted on the interactions of Velvet Antler and hormones, and all studies have found that this supplement has failed to increase circulating hormone levels. One study found a highly variable increase in power output, which is antagonized by another study suggesting no significant increase in power. For the purposes of performance enhancement, the evidence does not currently support Velvet Antler as a supplement.
There is preliminary evidence for other possible benefits of Velvet Antler, and this supplement may potentially have a role in fracture/bone healing rates, anti-additive properties, and improving skin regeneration rates pending more research; all three topics show some promise right now.
Velvet Antler appears to be safe, but ineffective at the most commonly touted claims.