Cryptocurrency News

Velar Announces Launch of $VELAR Token on Bybit

By March 27, 2024 No Comments
Bybit IDO Velar token

Velar, the popular Bitcoin liquidity protocol, has announced that it will be launching its token $VELAR on Bybit through the Initial DEX Offering (IDO) set to start on April 3, 2024.

“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’s Co-Founder & CEO, Mithil Thakore

While expressing optimism about the launch, Thakore further said that:

“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.”

Velar’s mission

Velar takes this innovative approach in order to tap into the untapped potential of Bitcoin by integrating it into decentralized finance (DeFi). According to DeFiLama, there is over $50 billion of liquidity worth locked in Ethereum’s DeFi ecosystem. Therefore, with over 1 trillion dollars’ worth of Bitcoin lying dormant, Velar is creating space for new financial applications that can use the largest digital currency in new ways.

Velar’s mission to enhance liquidity within the Bitcoin network has been captured through its listing on Bybit exchange. Velar will act as a perfect gateway for thousands of entrants which will lead to rapid growth in its ecosystem, spurring more innovation around Bitcoin DeFi.

“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.”

—Velar’s Co-Founder and Chief Product Officer, Tejinder Singh Mor

Velar’s AMM and DEX platform Dharma

Recently, Velar launched Dharma, its indigenous automated market maker (AMM), and decentralized exchange (DEX), which has since its inception attracted more than 150,000 users. Amongst other things, it brings in swap pools, liquidity pools, yield farming, staking and other advanced features.

To build on this achievement, Velar is releasing its V2 mainnet soon known as the world’s first ever Bitcoin native perpetual DEX platform offering up to 20x leverage. Through this platform, institutional and retail investors will be able to use their holdings of Bitcoin as collateral in a non-custodial manner thereby further extending Bitcoin’s use case.

Velar leverages Bitcoin security and reliability 

Velar has a unique way of using the security and reliability of Bitcoin’s network, while also dealing with scalability issues through Layer-2 solutions like Stacks. By slowly integrating Bitcoin into the DeFi ecosystem, Velar is opening up new paths for innovation and investments in that area, bringing to Bitcoin holders the same offering as well as yields which have caused a boom in smart contract blockchains like Ethereum.

The institutional acceptance of Bitcoin is rising highlighted by the approval of the world’s first-ever Bitcoin Exchange Traded Funds (ETFs), Velar’s goal of transforming Bitcoin use in DeFi landscape puts it at the center stage of this transformative wave.