DeFi liquidity protocol on Bitcoin launches its first version amid positive market sentiments.
Dubai, UAE / 1 August 2023: Velar, a DeFi protocol built with Bitcoin finality, has announced the launch of Velar Dharma Mainnet, which went live on 31st July 2023. Velar Dharma Mainnet comes with a first-of-its-kind automated liquidity protocol, poised to become the leading DeFi protocol on Bitcoin.
“Momentum is building for decentralized finance on Bitcoin, and the launch of Velar Dharma Mainnet marks a significant milestone in this evolution,” said Mithil Thakore, Co-founder and CEO of Velar. “We are delighted to provide users with a secure, efficient, and user-friendly platform to unlock the true potential of Bitcoin and drive financial inclusion.”
Velar protocol is written in Clarity and built on Stacks, a smart contracts Layer 2 on Bitcoin. After months of building and rigorous testing, the highly anticipated Velar Dharma Mainnet is now live. DeFi enthusiasts, traders, and investors can enjoy its comprehensive features in a self-custodial manner with Bitcoin Finality at its core.
The five key features that Velar Dharma boasts are Swap, Pool, Stake, IDO, and Farm, each designed to provide a seamless experience to users. Together, these features create a sophisticated suite of DeFi products, unlocking the true potential of Bitcoin as an asset class by enabling the use of native Bitcoin liquidity in financial protocols.
These key features of Dharma have been extensively tested by running an Incentivized Testnet since June 13th. This Testnet has been wildly successful, surpassing all expectations and attracting participation from over 100,000 unique wallets.
Velar aims to enable users to unlock at least $500 billion in potential liquid value of Bitcoin in its financial protocols. Thereby serving as a gateway to launch and trade tokens on Bitcoin and allowing users to earn rewards by providing liquidity.
“With the launch of Velar Dharma Mainnet, we continue to push the boundaries of financial innovation with DeFi on Bitcoin. Our emphasis on accessibility and ease of use opens up the gate for a broader audience into a more inclusive, efficient, and secure ecosystem. It’s an exciting milestone for Velar, keeping it at the forefront of DeFi innovation in Bitcoin. Kudos to the team for this remarkable achievement!” – Tejinder Singh Mor, Co-founder and CPO of Velar.
It’s essential to keep in mind that this is a Beta mainnet launch, where the Velar team will test for security flaws and scaling issues. Users are advised to proceed with caution during swaps and not provide liquidity until the stable version of Mainnet is officially rolled out.
Velar aims to unlock Bitcoin’s true potential by executing its planned versions: Velar Artha, Velar Kama, and Velar Moksha. With these version upgrades, the protocol will introduce a series of features such as governance, concentrated liquidity DEX, a cross-chain bridge, a perpetual DEX on Bitcoin, and more.
The governance feature will enable Velar token holders to participate in the decision-making process by allowing the token-holder community to take a central stage in setting the future direction of the platform.
In addition to governance, the second version of Velar will also include a decentralized exchange (DEX) with concentrated liquidity inspired by Uniswap v3. This will provide a more efficient trading experience for users, with reduced slippage and better trading fees.
Besides these features, Velar’s upcoming iterations will also introduce a perpetual derivatives exchange. This will enable users to trade perpetual contracts on Bitcoin and a variety of tokens with up to 20x leverage in a fully decentralized way without compromising the custody of their assets.
With these upgrades, Velar aims to become a leading platform in the world of decentralized finance on Bitcoin for decades to come. Overall, Velar Protocol is set to take decentralized finance on Bitcoin to new heights.
About Velar Protocol
Velar Protocol is all set to establish itself among the pioneers of Bitcoin DeFi. It is turning out to be a trendsetter one-stop platform with a suite of sophisticated products that aims to empower users to utilize all the locked liquidity on Bitcoin.
Velar is built on a Bitcoin L2 solution, Stacks, which leverages Bitcoin’s security, network effect, decentralization, and other features while offering scalability, low fees, and programmability using its smart contract engine.
Upon its Mainnet launch, Velar Dharma will be available to everyone, including crypto traders, investors, institutions, and the average person with a Stacks-supported wallet. Users of Velar Dharma will benefit from transaction finality on Bitcoin, as well as the network’s security and decentralization. As the first of four versions of the Velar Protocol, Velar Dharma may pave the way for a DeFi-inspired future in the Bitcoin ecosystem.
Name: Mithil Thakore
Company Name: Velar Protocol
Location: Dubai, UAE