DeFi
Velar partners with Bitlayer to create the world’s first PerpDex on Bitcoin
Panama City, Panama, May 17, 2024, Chainwire
Leading Bitcoin DeFi Innovator Velar announced its partnership with Bit layer to launch Velar Artha, the world’s first perpetual decentralized exchange (PerpDex) on Bitlayer’s EVM-enabled Bitcoin Layer 2.
Creating a PerpDex hosted on Bitcoin infrastructure will open up new opportunities for trading a variety of assets and expand the capabilities of decentralized finance operating on Bitcoin rails. The partnership innovates Bitcoin DeFi by offering traders the ability to trade perpetual contracts directly on the Bitcoin blockchain, ensuring security and complete decentralization of all transactions.
The collaboration with Bitlayer marks Velar’s first partnership outside of Stacks and marks a major milestone as Velar expands the deployment of its PerpDex to other strategic partners.
Mithil Thakore, CEO of Velar, said: “Partnering with Bitlayer to launch Velar Artha PerpDEX represents an important milestone for the entire Bitcoin ecosystem. Charlie Hu and I share a common vision of Bitcoin’s potential as the foundation of a new financial infrastructure and I couldn’t be more excited to work with someone who truly understands and shares this vision. Together, we are not just creating products, but paving the way for the future of finance on Bitcoin.
Charlie Yechuan Hu, co-founder of Bitlayer, added: “Bitlayer aims to create a new Bitcoin DeFi ecosystem with a native Layer 2 solution that provides Bitcoin-equivalent security through the BitVM approach. The integration of Velar on Bitlayer is an important development for the DeFi space, exploring asymmetric opportunities within the Bitcoin DeFi ecosystem. Bitlayer is excited to support Velar’s perpetual DeFi DEX product to meet the demand for on-chain perpetual trading in the Bitcoin community.
Bitlayer is the first Layer 2 equivalent to Bitcoin security built using BitVM. The network supports multiple virtual machines, enabling a fully EVM-compatible environment. This makes it easier for developers to create DeFi applications that leverage the robust tools synonymous with Solidity while leveraging the unparalleled security inherent to the Bitcoin network.
Veral Artha will be the first PerpDex to launch on Bitcoin, allowing users to open leveraged long and short positions on a variety of assets, including BTC. In doing so, it will help unlock the billions of dollars of idle capital available within the Bitcoin ecosystem, allowing BTC holders to fully participate in DeFi without incurring custody risk.
About Vélaire
Velar is on a mission to unlock the true potential of Bitcoin by developing a suite of powerful tools and products for DeFi. Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unparalleled security.
Learn more: https://www.velar.com/
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Avishay Litani
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