Velar, a prominent innovator in Bitcoin decentralized finance (DeFi), has made a groundbreaking announcement regarding its partnership with Bitlayer. This collaboration will result in the creation of Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
The introduction of PerpDex will revolutionize asset trading by allowing users to engage in perpetual contracts directly on the Bitcoin blockchain. This platform offers unprecedented opportunities for traders while ensuring the highest levels of security and decentralized transactions, thanks to Bitcoin’s robust infrastructure.
The partnership with Bitlayer signifies Velar’s expansion beyond Stacks and its collaboration with other strategic partners. Velar Artha represents a significant advancement in Bitcoin DeFi by combining Bitcoin’s inherent strengths with advanced trading capabilities.
Mithil Thakore, CEO of Velar, expressed the significance 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 just building products, but 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, created using BitVM, is the first to offer Layer 2 solutions with Bitcoin-level security. It supports multiple virtual machines, including a fully EVM-compatible environment, making it easier to develop DeFi applications. This compatibility allows developers to utilize Solidity’s robust tooling while benefiting from Bitcoin’s unparalleled security.
Velar Artha, the first PerpDex on Bitcoin, will empower users to open leveraged long and short positions on various assets, including BTC. Its goal is to unlock billions of dollars in dormant capital within the Bitcoin ecosystem, enabling BTC holders to participate in DeFi without the risks associated with custodial services. Velar’s mission is to unleash Bitcoin’s true potential by creating powerful 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 unmatched security. The launch of Velar Artha on Bitlayer’s EVM-compatible Bitcoin Layer 2 is set to revolutionize the DeFi space, setting new standards for security, decentralization, and financial innovation on the Bitcoin blockchain. This partnership is 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.
