Velar, a prominent innovator in Bitcoin decentralized finance (DeFi), has made a groundbreaking announcement regarding a strategic partnership with Bitlayer. This collaboration will result in the launch of Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
The introduction of this pioneering PerpDex will revolutionize asset trading through perpetual contracts directly on the Bitcoin blockchain. Traders will have access to unprecedented opportunities, while the platform ensures maximum security and complete decentralization for all transactions by leveraging the robust infrastructure of Bitcoin.
This partnership signifies Velar’s expansion beyond Stacks, demonstrating a significant milestone as the company collaborates with other strategic partners. Velar Artha represents a significant advancement 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, stating, “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 am thrilled to work with someone who truly understands and shares that vision. Together, we are not only building products but also paving the way for the future of finance on Bitcoin.”
Charlie Yechuan Hu, Co-Founder of Bitlayer, echoed this 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 provide Bitcoin security-equivalent Layer 2 solutions. It supports multiple virtual machines, including a fully EVM-compatible environment, simplifying the creation of DeFi applications. This compatibility allows developers to utilize the powerful tools of Solidity while benefiting from Bitcoin’s unparalleled security.
Velar Artha, as 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 unleash Bitcoin’s true potential by developing robust 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 set to be a game-changer in the DeFi space, establishing new standards for security, decentralization, and financial innovation on the Bitcoin blockchain. This partnership represents a significant step forward in expanding Bitcoin’s role in decentralized finance, promising to revolutionize the trading and security of financial instruments on the blockchain.