Velar announces fundraiser on Bybit ahead of first perpetual DEX on Bitcoin
“As we prepare to go live on Bybit, one of the world’s top 3 crypto exchanges, with the listing of $VELAR token on April 3rd, we recognize the significance of this moment for the entire Bitcoin ecosystem.”
Velar has announced its upcoming Initial Exchange Offering (IEO) for its native token $VELAR on Bybit, signaling a significant advancement in leveraging dormant Bitcoin for DeFi applications.
Set for April 3, 2024, the IEO will help Velar’s strategic roadmap move forward toward infusing the DeFi ecosystem with fresh liquidity from Bitcoin.
By introducing its token on Bybit, which ranks among the top global exchanges for spot and derivatives volume, Velar is set to enhance the liquidity and accessibility of its offerings, potentially bringing thousands of new users into the fold, and is part of Velar’s efforts to tap into over $1 trillion in unused Bitcoin capital.
Velar, a DeFi liquidity protocol built on Bitcoin
Velar is a DeFi liquidity protocol built on Bitcoin through the Stacks smart contract layer solution. It aims to be an all-encompassing DeFi protocol, bringing various native DeFi features like token swaps and launchpad infrastructure to enhance the Bitcoin DeFi ecosystem to new heights.
By leveraging Stacks, Velar opens the door for true DeFi functionality on Bitcoin, aiming to unlock a significant portion of Bitcoin’s dormant liquidity and provide BTC holders with the value proposition and yields seen in the Ethereum ecosystem.
Velar’s approach involves the deployment of Dharma, its native decentralized exchange (DEX) and automated market maker (AMM), which has already attracted significant attention. Within just two weeks of its launch, Dharma has drawn over 150,000 users, showcasing the strong market demand for innovative DeFi solutions that leverage Bitcoin.
The Dharma platform offers a range of financial instruments, including swaps, liquidity pools, and yield farming, aimed at deepening Bitcoin’s integration into the DeFi space.
The first Perpetual DEX on Bitcoin
The impending launch of Velar’s V2 mainnet aims to introduce a Bitcoin-native perpetual DEX platform with up to 20x leverage, catering to both institutional and retail investors, enabling them to utilize dormant BTC holdings in a non-custodial manner.
By leveraging the security and scalability of Bitcoin Layer-2 solutions like Stacks, Velar wants to deliver reliable DeFi opportunities to a new wave of users and investors. The endorsement from Bybit underscores the industry’s recognition of Velar’s potential to reshape the Bitcoin DeFi landscape.
Tejinder Singh Mor, Co-Founder & CPO at Velar, said: “Having Bybit’s trust is a significant endorsement for us at Velar. It’s amazing to see the hard work of our team receive support, especially as we’re poised 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 meaningful impact in the Bitcoin DeFi space. We’re excited to be at the forefront of this innovation, driving forward the integration of Bitcoin DeFi with trusted partners like Bybit by our side.”
Mithil Thakore, Co-Founder & CEO at Velar, added: “As we prepare to go live on Bybit, one of the world’s top 3 crypto exchanges, with the listing of $VELAR token on April 3rd, we recognize the significance of this moment for the entire Bitcoin ecosystem. This marks a pivotal juncture where we’ll witness firsthand the interest and adoption of Bitcoin ecosystem projects on a global scale. It’s not just about our project; it’s about paving the way for countless others. This inherent risk of being the first represents an invaluable learning opportunity that will shape the trajectory of Bitcoin-based projects in the years to come. We stand at the forefront of a transformative wave, and this is just the beginning.”
