Velarthe popular Bitcoin liquidity protocol, announced that it will launch its $VELAR token on Bybit via the Initial DEX Offering (IDO) which is scheduled to start on April 3, 2024.
“As we prepare to launch Bybit, one of the top three crypto exchanges in the world, with the listing of the $VELAR token on April 3, we recognize the importance of this moment for the entire Bitcoin ecosystem. “
—Velar co-founder and CEO, Mithil Thakore
While expressing optimism about the launch, Thakore added that:
“This marks a pivotal moment where we will witness interest and adoption of Bitcoin ecosystem projects globally. It's not just about our project; it’s about paving the way for countless others. This inherent risk of being first represents an invaluable learning opportunity that will shape the trajectory of Bitcoin-based projects in the years to come. We are at the forefront of a wave of transformation, and this is only the beginning. »
Velaire's mission
Velar is taking this innovative approach to harness the untapped potential of Bitcoin by integrating it into decentralized finance (DeFi). According to SHOWama, there is over $50 billion in liquidity locked in Ethereum's DeFi ecosystem. Therefore, with over $1 trillion worth of Bitcoin lying dormant, Velar is creating space for new financial applications that can use the largest digital currency in new ways.
Velar's mission to improve liquidity within the Bitcoin network was exemplified by its listing on Bit exchange. Velar will act as a perfect gateway for thousands of entrants, leading to rapid growth of its ecosystem, spurring more innovation around Bitcoin DeFi.
“Having the trust of Bybit is an important support for us at Velar. It's amazing to see our team's hard work receive support, especially as we are about to launch the world's first Perp Dex on Bitcoin.. This milestone not only validates our team's efforts, but also highlights the potential of our products to make a significant impact in the Bitcoin DeFi space. We are excited to be at the forefront of this innovation, advancing the integration of Bitcoin DeFi with trusted partners like Bybit at our side.
—Velar co-founder and product manager, Tejinder Singh Mor
Velar Dharma AMM and DEX Platform
Recently, Velar launched Dharma, its automated market maker (AMM) and decentralized exchange (DEX), which since its inception has attracted more than 150,000 users. Among other things, it integrates swap pools, liquidity pools, yield farming, staking and other advanced features.
To build on this success, Velar is launching its V2 mainnet, soon to be known as the world's first-ever Bitcoin-native perpetual DEX platform offering up to 20x leverage. Through this platform, institutional and retail investors will be able to use their Bitcoin holdings as collateral in a non-custodial manner, further expanding the use case for Bitcoin.
Velar leverages the security and reliability of Bitcoin
Velar has a unique way to leverage the security and reliability of the Bitcoin network, while solving scalability issues through Layer 2 solutions like Stacks. By slowly integrating Bitcoin into the DeFi ecosystem, Velar is opening new avenues of innovation and investment in this area, providing Bitcoin holders with the same supply as well as returns that have caused a boom in smart contract blockchains like Ethereum.
Institutional acceptance of Bitcoin is increasing, as evidenced by the approval of the world's first-ever Bitcoin exchange-traded funds (ETFs). Velar's goal to transform the use of Bitcoin in the DeFi landscape places it at the center of this wave of transformation.