Nikolas Sargeant
Velar, the Bitcoin liquidity protocol that’s bringing trillions of dollars in dormant capital to DeFi markets, announced on Wednesday, March 27th, the launch imminent 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.
In a press release shared with Cryptowisser, Velar said its token listing on Bybit will launch on April 3, coinciding with its own Initial DEX offering. The listing is an important milestone that underscores the market’s enthusiasm for Velar’s novel approach to using Bitcoin in DeFi projects.
By listing on Bybit, Velar will have broadened accessibility, ensuring thousands of new users can access its capabilities for the first time. Velar intends to tap more than $1 trillion worth of dormant capital in Bitcoin, giving BTC holders the same value proposition and yields that have accelerated the growth of smart contract blockchains like Ethereum and Solana.
The listing on Bybit also comes following the successful launch of Dharma, Velar’s native automated market maker (AMM) and decentralized exchange (DEX). Dharma’s launch means that Velar has already deepened liquidity within the Bitcoin ecosystem to unlock new DeFi functionality.
Over the last two weeks, the platform has attracted more than 150,000 users, underlining the enormous interest in Velar’s mission. With Dharma, users have access to advanced financial tools for Bitcoin liquidity provision, trading and asset management, such as Swaps, Liquidity Pools, Staking, Yield Farming and an IDO launchpad.
According to the team, the upcoming launch of Velar’s V2 mainnet will further expand Bitcoin’s DeFi capabilities. The mainnet will introduce the the world’s first Bitcoin-native perpetual DEX platform offering up to 20x leverage. This will empower institutional and retail investors to utilize their dormant BTC holdings as collateral in a non-custodial manner.
While commenting on this listing, Velar’s Co-Founder & CPO, Tejinder Singh Mor, said,
“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 & CEO, Mithil Thakore also commented that,
"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. 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 is on a mission to unlock Bitcoin’s true potential by developing a suite of powerful tools and products for DeFi. Dharma is Velar’s AMM that incentivizes liquidity provision and trading on Stacks, the leading Bitcoin L2. Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unrivaled security.
