The venue is in line to stage a test event in early 2012.
Having seating wrapped all the way round the track should help to create a crowd atmosphere during events, according to Hoy.
"No matter where you are in the stadium, you can see the full track," said the 34-year-old Scot.
"Instead of having noise in the back straight and the home straight as you go around, you get this wall of noise the whole way. It creates this gladiatorial arena."
ODA chairman John Armitt said: "In delivering the velodrome on time and to budget, we have completed our first Olympic Park venue and our biggest milestone to date.
"The striking architecture of the velodrome and the medal prospects of our world-leading cyclists mean the venue will become one of the defining images from the Games, and a landmark new building for future generations to enjoy."
Olympic velodrome construction in 30 seconds
After the Games, the velodrome will be used by elite athletes and the local community.
It will include a cafe, bike hire and cycle workshop facilities.
Track cycling was Great Britain's most successful discipline in Beijing, with Hoy's haul and four other titles accounting for more than a third of Team GB's overall total of 19 gold medals.
Britain will be pushing to beat that at London 2012, although a rule change means only one rider/team per nation is allowed to compete in each of 10 track cycling events.
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