Velar Partners With Bitlayer to Create World’s First PerpDex on Bitcoin

Panama City, Panama, May 17th, 2024, Chainwire

Leading Bitcoin DeFi innovator Velar has announced that it has partnered with Bitlayer to launch Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.

The creation of a PerpDex hosted on Bitcoin infrastructure will unlock new opportunities for trading a variety of assets and will expand the capabilities of decentralized finance operating on Bitcoin rails. The partnership breaks new ground in Bitcoin DeFi by providing traders with the ability to trade perpetual contracts directly on the Bitcoin blockchain, ensuring security and full decentralization for all transactions. 

The collaboration with Bitlayer marks Velar’s first partnership outside of Stacks and signifies a major milestone as Velar expands the rollout of its PerpDex to other strategic partners.

Velar CEO Mithil Thakore said: “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 couldn’t be more excited 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.”

Bitlayer Co-Founder Charlie Yechuan Hu added: “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 is the first Bitcoin security-equivalent Layer 2 built using the BitVM. The network supports multiple VMs, allowing for a fully EVM-compatible environment. This makes it easier for developers to create DeFi applications that harness the robust tooling synonymous with Solidity while harnessing the unrivaled security that is inherent to the Bitcoin network.

Veral Artha will be the first PerpDex to launch on Bitcoin, empowering users to open leveraged long and short positions on a variety of assets including BTC. In the process, it will help to unlock the billions of dollars in idle capital that is available within the Bitcoin ecosystem, allowing BTC holders to fully participate in DeFi while incurring no custodial risk.

About Velar

Velar is on a mission to unlock Bitcoin’s true potential by developing a suite of powerful tools and products for DeFi. Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unrivaled security.

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Avishay Litani
[email protected]

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