Velar, a prominent innovator in Bitcoin decentralized finance (DeFi), has made a groundbreaking announcement regarding its strategic partnership with Bitlayer. Together, they are introducing Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2. This revolutionary PerpDex will allow traders to engage in the trading of various assets through perpetual contracts directly on the Bitcoin blockchain, presenting unprecedented opportunities. The platform ensures the utmost security and complete decentralization for all transactions, capitalizing on Bitcoin’s robust infrastructure.
This partnership signifies Velar’s expansion beyond Stacks, representing a significant milestone as the company collaborates with other strategic partners. Velar Artha signifies a major advancement in Bitcoin DeFi by offering a trading platform that leverages 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 marks 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 comprehends 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, expressing, “Bitlayer aims to establish a new Bitcoin DeFi ecosystem with a native layer 2 solution that provides Bitcoin-equivalent security through the BitVM approach. The integration of Velar on Bitlayer represents 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, constructed using BitVM, is the first to offer Layer 2 solutions with security equivalent to Bitcoin. Supporting multiple virtual machines, including a fully EVM-compatible environment, it simplifies the creation of DeFi applications. This compatibility enables developers to employ the robust tooling of Solidity while benefiting from Bitcoin’s unparalleled security.
Velar Artha, the inaugural PerpDex on Bitcoin, will empower users to open leveraged long and short positions on various assets, including BTC. Its objective is 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 powerful tools and products for DeFi.
The company focuses on realizing the full value of Bitcoin-based assets within an ecosystem renowned for its strong transaction finality and unrivaled security. The launch of Velar Artha on Bitlayer’s EVM-compatible Bitcoin Layer 2 is poised to be a game-changer in the DeFi space, setting new standards for security, decentralization, and financial innovation on the Bitcoin blockchain. This partnership represents a significant stride in expanding Bitcoin’s role in decentralized finance, promising to revolutionize the trading and security of financial instruments on the blockchain.