In an innovative advancement for decentralized finance (DeFi) within the Bitcoin ecosystem, Velar, a prominent Bitcoin DeFi pioneer, has revealed a strategic collaboration with Bitlayer. Together, they are introducing Velar Artha, the world’s inaugural Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
This groundbreaking PerpDex will facilitate the exchange of various assets through perpetual contracts directly on the Bitcoin blockchain, presenting unprecedented opportunities for traders. The novel platform guarantees top-notch security and complete decentralization for all transactions, capitalizing on Bitcoin’s resilient infrastructure.
A New Chapter for Bitcoin DeFi
The partnership signifies Velar’s expansion beyond Stacks for the first time, signaling a significant growth as Velar partners with other key players. Velar Artha signifies a stride forward in Bitcoin DeFi by providing a trading platform that harnesses Bitcoin’s inherent strengths while delivering advanced trading features.
Mithil Thakore, CEO of Velar, underscored the significance of this partnership, stating, “Teaming up with Bitlayer for the launch of Velar Artha PerpDEX marks a momentous milestone for the entire Bitcoin ecosystem. Charlie Hu and I both envision Bitcoin’s potential as the groundwork for a new financial infrastructure, and I am thrilled to collaborate with someone who truly comprehends and shares that vision. Together, we are not just creating products but paving the path for the future of finance on Bitcoin.”
Charlie Yechuan Hu, Co-Founder of Bitlayer, echoed the sentiment, stating, “Bitlayer strives to establish a new Bitcoin DeFi ecosystem with an intrinsic layer 2 solution that provides Bitcoin-equivalent security through the BitVM approach. Integrating Velar on Bitlayer is a significant advancement for the DeFi sector, exploring the unique opportunities within the Bitcoin DeFi ecosystem. Bitlayer is enthusiastic about supporting Velar’s perpetual DEX DeFi product to meet the on-chain perpetual trading demand in the Bitcoin community.”
Bitlayer’s platform, constructed using BitVM, is the first to offer Bitcoin security-equivalent Layer 2 solutions. Supporting various virtual machines, including a fully EVM-compatible environment, it streamlines the development of DeFi applications. This compatibility allows developers to utilize the robust features of Solidity while leveraging Bitcoin’s unmatched security.
Unleashing Bitcoin’s Potential
Velar Artha, the inaugural PerpDex on Bitcoin, will enable users to initiate leveraged long and short positions on a range of assets, including BTC. By doing so, it aims to unlock billions of dollars in dormant capital within the Bitcoin ecosystem, enabling BTC holders to engage in DeFi without facing custodial risks. Velar’s objective is to unleash Bitcoin’s true potential by creating robust tools and products for DeFi.
The company concentrates on realizing the full value of Bitcoin-based assets within an ecosystem recognized for its robust transaction finality and unparalleled security. The launch of Velar Artha on Bitlayer’s EVM-compatible Bitcoin Layer 2 is poised to revolutionize the DeFi space, setting new benchmarks for security, decentralization, and financial innovation on the Bitcoin blockchain. This partnership signifies a significant stride in expanding Bitcoin’s role in decentralized finance, promising to transform how financial instruments are traded and safeguarded on the blockchain.