- Velar is listing its token $VELAR on Bybit, a top crypto exchange, aiming to bring over $1 trillion in dormant Bitcoin to DeFi.
- With innovative features like perpetual DEX and up to 20x leverage, Velar empowers users to maximize the utility of their BTC holdings.
Velar, a Bitcoin liquidity protocol, is set to revolutionize the decentralized finance (DeFi) landscape by launching its native token, VELAR, on Bybit, a top-tier cryptocurrency exchange. This move signals a significant leap forward in Velar’s mission to unlock trillions of dollars in dormant Bitcoin capital for the DeFi ecosystem.
The forthcoming Initial Exchange Offering (IEO) of Velar’s token on Bybit, scheduled for April 3, 2024, marks a pivotal moment for the Bitcoin DeFi landscape. Bybit, known for its prominence in spot and derivatives trading, is a strategic partner in Velar’s pursuit of revolutionizing Bitcoin’s utility through innovative DeFi solutions.
Velar seeks to reach out to Bitcoin’s huge potential, estimated to be over $1 trillion in hidden wealth, with over $50 billion trapped in Ethereum’s DeFi ecosystem. Within two weeks of its inception, Velar’s native automated market maker (AMM) and decentralized exchange (DEX), Dharma, attracted over 150,000 users, demonstrating the platform’s remarkable success. Dharma marks a new chapter in the history of Bitcoin DeFi by giving users access to sophisticated financial tools for trading, asset management, and liquidity provisioning.
Expanding DeFi Capabilities
The impending deployment of Velar’s V2 mainnet promises to increase Bitcoin’s DeFi capabilities. A feature that appeals to institutional and ordinary investors is the world’s first permanent DEX platform native to Bitcoin and offers up to 20x leverage. Velar creates new opportunities for investment and innovation by permitting non-custodial use of dormant Bitcoin holdings as collateral.
The addition of VELAR to Bybit not only increases the reach of Velar’s products but also attests to the legitimacy and promise of the initiative. Tejinder Singh Mor, Velar’s co-founder and chief product officer, thanks Bybit for its confidence and highlights how important this milestone is for advancing the integration of Bitcoin DeFi.
In addition to token swaps, staking, liquidity mining, and an IDO launchpad, Velar’s liquidity protocol provides a full range of DeFi services. With a low fee structure and minimal slippage rates for token swaps, the platform’s initial version, Dharma, boasts an AMM liquidity engine based on Uniswap v2. A cross-chain bridge and perpetual derivatives trading with leverage are two innovative features that Velar will add to its upcoming editions, Artha included, to further improve its functionality and user appeal.
Pioneering Innovation and Embracing Bitcoin’s Growth Trajectory
Mithil Thakore, Co-Founder & CEO of Velar, stated, “This marks a pivotal juncture where we’ll witness firsthand the interest and adoption of Bitcoin ecosystem projects on a global scale.” Thakore highlights the broader implications, envisioning a future where Bitcoin-based projects flourish globally. This pioneering spirit sets the stage for a wave of innovation in the years to come. This overwhelming response underscores Velar’s immense market potential and signifies a growing interest in Bitcoin-based DeFi solutions.
The timing of Velar’s Bybit listing coincides with a resurgence of interest in Bitcoin, fueled by the recent approval of Bitcoin Exchange-Traded Funds (ETFs). As institutional investors reevaluate their positions in the crypto markets, Velar’s presence on Bybit positions it at the forefront of Bitcoin’s evolving narrative.
