Panama City, Panama, March 27th, 2024 – Velar, the Bitcoin liquidity protocol that’s bringing trillions of dollars in dormant capital to DeFi markets, is excited to announce the launch of its native token $VELAR via its Initial Exchange Offering on Bybit, one of the world’s top-three exchanges by Spot Volume and top 2 by derivatives volume.
Velar’s listing on Bybit coincides with its own Initial DEX Offering (IDO) on April 3rd. This strategic timing aligns with Velar’s plan to enhance liquidity within the Bitcoin network and expand its DeFi capabilities. By listing on Bybit, Velar broadens its reach and grants thousands of new users access to its features. This move is expected to accelerate Velar’s growth and inspire further innovation in Bitcoin DeFi.
This is just the beginning of a journey to revolutionize DeFi on Bitcoin. Velar’s approach underscores the market’s enthusiasm for using Bitcoin in DeFi projects. The listing will broaden accessibility to Velar, ensuring thousands of new users can access its capabilities for the first time, accelerating the project’s growth, and encouraging other Bitcoin DeFi projects to innovate and grow.
The more than $50 billion in liquidity locked in Ethereum’s DeFi ecosystem highlights the enormous potential of Bitcoin, the world’s most valuable cryptocurrency. Velar aims to tap into the vast potential of dormant capital within Bitcoin, estimated at over $1 trillion. Their goal is to provide BTC holders with similar benefits and yields enjoyed by users of smart contract blockchains.
Today’s listing follows the successful launch of Dharma, Velar’s native automated market maker (AMM) and decentralized exchange (DEX), paving the way for token pairs to be traded fully on-chain. With Dharma’s launch, Velar has already deepened liquidity within the Bitcoin ecosystem to unlock new DeFi functionality.
In just two weeks, it has achieved significant success, attracting more than 150,000 users, underlining the enormous interest in Velar’s mission. Dharma provides users with advanced financial tools for Bitcoin liquidity provision, trading, and asset management, such as Swaps, Liquidity Pools, Staking, Yield Farming, and an IDO launchpad.
The upcoming launch of Velar’s V2 mainnet will further introduce the world’s first perpetual DEX built on Bitcoin. Veler V2 will further expand Bitcoin’s DeFi capabilities by offering up to 20x leverage, allowing institutional and retail investors alike to utilize their dormant BTC holdings as collateral in a non-custodial manner.
While the DeFi markets have grown from strength to strength with crypto’s latest bull run, most of the capital locked within Bitcoin remains dormant, with BTC’s utility limited to being little more than a store of value. By progressively integrating Bitcoin into the DeFi ecosystem, Velar is unlocking new avenues for innovation and investment.
Velar is at the forefront of Bitcoin’s evolution, leveraging the security and robustness of its network as the foundation of a new suite of DeFi applications on Bitcoin Layer-2s such as Stacks, addressing concerns over the network’s scalability. As Velar delivers on its mission, it’s expecting to attract a new wave of users and investors looking for reliable DeFi opportunities.
“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,” said Velar’s Co-Founder & CPO, Tejinder Singh Mor. “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.”
By bringing its token to Bybit, Velar empowers more users to take advantage of BTC’s expanding utility while retaining self-custody of the world’s most precious crypto asset. It’s launching at a time when Bitcoin itself is enjoying a new wave of growth, driven by the recent approval of the world’s first Bitcoin Exchange-Traded Funds (ETFs) that have reignited institutional investors’ interest in the crypto markets.
Velar’s Co-Founder & CEO, Mithil Thakore said, “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.”
He further added, “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.”
