With its Initial Exchange Offering on Bybit, one of the top 2 exchanges in the world for derivatives volume and one of the top three exchanges globally by spot volume, Velar, the Bitcoin liquidity protocol that is bringing trillions of dollars in dormant capital to DeFi markets, is thrilled to announce the launch of its native token, $VELAR.
On April 3, Velar will debut its Bybit listing in conjunction with its own Initial DEX offering. The listing’s timing is planned to complement Velar’s strategic roadmap, expediting the company’s goal of improving network liquidity for Bitcoin and revolutionizing its usefulness with cutting-edge DeFi capabilities.
This significant accomplishment highlights how excited the market is about Velar’s creative use of Bitcoin in DeFi initiatives. By ensuring that thousands of new users may take use of Velar’s features for the first time, the listing will increase the platform’s accessibility, propelling Velar’s development and inspiring other Bitcoin DeFi businesses to develop and flourish.
The huge potential of Bitcoin, the most valuable cryptocurrency in the world, is shown by the more than $50 billion in liquidity that is locked in Ethereum’s DeFi ecosystem. With the goal of providing Bitcoin investors with the same value proposition and rewards that have spurred the rise of smart contract blockchains, Velar seeks to access over $1 trillion in dormant capital in the cryptocurrency.
The successful launch of Dharma, Velar’s native automated market maker (AMM) and decentralized exchange (DEX), which opened the door for token pairings to be traded entirely on-chain, comes after today’s listing. Velar has already increased liquidity within the Bitcoin ecosystem with the release of Dharma, enabling additional DeFi features. It has drawn more than 150,000 people in only two weeks, demonstrating the tremendous interest in Velar’s purpose. This is a major success. Dharma offers sophisticated financial instruments, including swaps, liquidity pools, staking, yield farming, and an IDO launchpad, to users for Bitcoin trading, asset management, and liquidity supply.
The world’s first Bitcoin-native perpetual DEX platform with up to 20x leverage will be introduced with Velar’s V2 mainnet launch, which will further enhance Bitcoin’s DeFi capabilities. This will enable institutional and retail investors to use their dormant BTC holdings as collateral in a non-custodial manner.
With cryptocurrency’s most recent surge, the DeFi markets have prospered, but the majority of the funds locked in Bitcoin is still inactive, and its usefulness is essentially restricted to being a store of value. Through the gradual integration of Bitcoin into the DeFi ecosystem, Velar is opening up new channels for investment and innovation.
In order to address concerns about the network’s scalability, Velar is leading the way in the development of Bitcoin by using the security and resilience of its network as the basis for a new suite of DeFi apps on Bitcoin Layer-2s, such as Stacks. Velar anticipates a surge in customers and investors seeking dependable DeFi prospects as it fulfills its purpose.
Velar’s Co-Founder & CPO, Tejinder Singh Mor stated:
“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 is enabling more people to benefit from Bitcoin’s growing utility while keeping self-custody of the most valuable cryptocurrency in the world by introducing its token to Bybit. The world’s first Bitcoin Exchange-Traded Funds (ETFs) were recently approved, rekindling institutional investors’ interest in the cryptocurrency markets and coinciding with the introduction of the product.
Velar’s Co-Founder & CEO, Mithil Thakore stated:
“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.”
Source: https://thenewscrypto.com/velars-bybit-listing-signifying-a-key-development-for-the-bitcoin-ecosystem/