This event has its own currency, the Token of Greater Teleportation. The tokens can be earned by completing the quests or by picking up contested purple shinies around the event area. Spend these at the event merchants in either zone.
Gninja gave an update on the status of the event's end on 8/9/2011:
|We will be allowing these events to continue after GU61 goes live. We had originally planned to take them down with GU61 but in order for some of the less populated servers to complete the event we have decided to keep the event running. The merchant will remain for all servers regardless of completion or not but the ground spawns will stop spawning once the event is completed on each server respectfully (After GU61) The ground spawns will remain for servers that have not completed the event until the event is completed.|
This event takes place in two locations:
The errand quests are repeatable and can be picked up from NPCs near the event areas. They reward a much lower amount of tokens then the adventuring quests and do not move construction progress as quickly. Speak to a coldain construction foreman in Great Divide or Researcher Lekravanus in Eastern Wastes.
The adventuring quests for this event automatically pop up as you near either of the event areas. If you decline them or need to pick them up again after completing the quest simply leave and re-enter the area or speak to Baradin Frostbane in Great Divide or Researcher Kirat in Eastern Wastes.
NOTE: After being re-activated the Dragon Ring battle triggers every 3 hours and the Wizard Spire battle every 1.5 hours.
Gninja shared some more insight on how this event will play out:
|The event has three stages. Stage 1: tokens spawn at fairly slow rate and low end heroic mobs spawn during the attacks. Stage 2: number of tokens spawning doubles and high end heroic encounters spawn during the attacks. Stage 3: Final epic encounter attacks and tokens again double. Once the epic encounter is defeated the event is considered complete but the tokens continue to spawn around the areas at stage 3 rate.|
If you're not getting quest credit for the battle quests, not engaging in the named encounter is likely the issue:
|The quest will only update if you actively engage the final named at the end of the event waves. That named is what stops the NPCs from keeping spawning. One thing I was seeing people do was standing near the spawn points where the creatures spawn and engaing and killing them very quickly this might leave some not getting update as they will not have an opportunity to get on the hate list.|
Gninja posted some information regarding the update issues some players had: 
|We are working on some changes now that should fix the majority of issues going on right now in regards to this event. So if you currently have the quests and they did not update or you are unable to turn in one of the repeatables due to the event completing and the NPC going away hang on to the quest and we will give instructions on how to remedy the situation once we get the fix on the live servers. We appreciate your patience.|
NOTE: An update has since gone in that will force any quest to auto-complete if the event is beyond that quest's stage.
Two event merchants are available to trade your Tokens of Greater Teleportation to: a coldain construction merchant in Great Divide and a Deepwater merchant in Eastern Wastes. These merchants will remain in-game until an undetermined time after Game Update 61.
After a transportation location is completed the prices of the merchant items will be cheaper. If a server finishes the Wizard Spires first then the prices will be cheaper at the spires than at the Dragon Ring. Once that server's Dragon Ring is finished the cost would be reduced there as well. Price reductions vary; many things are dropped 5-10 tokens in cost. The Primal Velium Shards will always remain at 50 tokens each.
| This article refers to events, personae and activities that were introduced for the Velious Transportation Event.|
This event originally began at 12pm PDT on July 14, 2011. It was re-activated at 5:30pm PDT on July 22, 2011.
For each server it will run until the dragon ring and wizard spires are completed.
Ground spawns and merchants will remain in-game until 11:59pm PDT on August 22, 2011.