Be aware that Velum Total now has a name and label change. The new product is simply Velum. The insecticide imidacloprid has been dropped from the product meaning that it no longer contains material to control thrips.
If you purchase the relabeled Velum product, you will need to apply an additional insecticide. I recommend Admire Pro or generic products that include the active ingredient imidacloprid. Granular alternatives in peanut include Thimet 20G (phorate) and AgLogic 15G or 15GG (aldicarb). Refer to label rates.
Thrips are capable of causing yield loss and plant death in certain scenarios. I recommend that you use an in-furrow product in peanut. Foliar sprays are generally insufficient on their own, but may be warranted as an additional input in very high-pressure years.
Cotton has the option of having insecticidal seed coating applied in addition or instead of using an in-furrow product (imidacloprid and aldicarb are labeled for both crops). Seed treatments alone require scouting and foliar sprays if warranted.
Use existing quantities of Velum Total as you ordinarily would.