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Velar and Bitlayer Partner to Launch World’s First Bitcoin-Based PerpDex

source-logo  blockchainreporter.net 17 May 2024 13:54, UTC

In a groundbreaking development for decentralized finance (DeFi) on the Bitcoin blockchain, Velar, a leading Bitcoin DeFi innovator, has announced a strategic partnership with Bitlayer. Together, they are launching Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.

This pioneering PerpDex will enable the trading of a variety of assets through perpetual contracts directly on the Bitcoin blockchain, bringing unprecedented opportunities for traders. The new platform ensures the highest levels of security and full decentralization for all transactions, leveraging Bitcoin’s robust infrastructure.

A New Era for Bitcoin DeFi

The partnership marks Velar’s first venture outside of Stacks, highlighting a significant expansion as Velar collaborates with other strategic partners. Velar Artha represents a leap forward in Bitcoin DeFi by offering a trading platform that utilizes Bitcoin’s inherent strengths while providing advanced trading capabilities.

Mithil Thakore, CEO of Velar, emphasized the importance of this collaboration, saying, “Partnering with Bitlayer for the launch of Velar Artha PerpDEX represents a significant milestone for the entire Bitcoin ecosystem. Charlie Hu and I share a common vision for Bitcoin’s potential as the foundation for a new financial infrastructure and I couldn’t be more excited to work with someone who truly understands and shares that vision. Together, we are not just building products, but paving the way for the future of finance on Bitcoin.”

Charlie Yechuan Hu, Co-Founder of Bitlayer, echoed the sentiment, saying, “Bitlayer aims to build a new Bitcoin DeFi ecosystem with a native layer 2 solution that offers Bitcoin-equivalent security through the BitVM approach. The integration of Velar on Bitlayer is a significant development for the DeFi space, exploring the asymmetric opportunities within the Bitcoin DeFi ecosystem. Bitlayer is excited to support Velar’s perpetual DEX DeFi product to meet the on-chain perpetual trading demand in the Bitcoin community.”

Bitlayer’s platform, built using the BitVM, is the first to offer Bitcoin security-equivalent Layer 2 solutions. Supporting multiple virtual machines, including a fully EVM-compatible environment, it simplifies the creation of DeFi applications. This compatibility allows developers to use the robust tooling of Solidity while benefiting from Bitcoin’s unparalleled security.

Unleashing Bitcoin’s Potential

Velar Artha, the first PerpDex on Bitcoin, will empower users to open leveraged long and short positions on various assets, including BTC. By doing so, it aims to unlock billions of dollars in idle capital within the Bitcoin ecosystem, enabling BTC holders to participate in DeFi without incurring custodial risks. Velar’s mission is to unlock Bitcoin’s true potential by developing powerful tools and products for DeFi.

The company focuses on realizing the full value of Bitcoin-based assets within an ecosystem known for its strong transaction finality and unrivaled security. The launch of Velar Artha on Bitlayer’s EVM-compatible Bitcoin Layer 2 is poised to be a game-changer in the DeFi space, setting new standards for security, decentralization, and financial innovation on the Bitcoin blockchain. This partnership marks a significant step forward in expanding Bitcoin’s role in decentralized finance, promising to revolutionize how financial instruments are traded and secured on the blockchain.