Bitcoin DeFi Native VELAR Surges on Bybit, Uniswap Listing

Velar, an essential figure in the Bitcoin (BTC) Decentralized Finance (DeFi) community, has publicly introduced and registered its own token named VELAR. The token is now accessible on Bybit, Uniswap, Gate.io, and Dharma AMM (Automated Market Maker).

For those unfamiliar, Velar is a decentralized finance (DeFi) protocol similar to Uniswap (UNI), supported by Trust Machines and Artemis Capital among others. It operates on Bitcoin‘s foundation and utilizes Stacks for its smart contract capabilities. In simpler terms, Velar benefits from Bitcoin’s robust security and the adaptability of Stacks’ smart contracts.

๐Ÿš€ Velar is LIVE!$VELAR trading is now open on @ByBit_Official and @gate_io.
Start trading and join the Velar revolution today:๐Ÿ”ธ ๐Ÿ”ธ
Let’s paint the world orange! ๐ŸŸง #VelarLaunch
โ€” Velar (@VelarBTC) April 3, 2024

Furthermore, the platform makes use of Automated Market Making (AMM) liquidity for exchanging tokens, earning rewards through liquidity provision, and staking. The initial release of this Decentralized Finance (DeFi) protocol, called Velar Dharma, became operational on the mainnet around mid-2023, bringing in an impressive number of approximately 165,000 users for a trial run on a Bitcoin DeFi test network.

It’s worth noting that there are upcoming variants of the protocol, named Velar Artha (version 2), Velar Kama (version 3), and Velar Moksha (version 4).

The VELAR native token brings various functions to the upcoming versions of the Bitcoin L2s protocol. Therefore, listing VELAR on both centralized (CEXs) and decentralized exchanges (DEXs) is beneficial for Bitcoin L2s and the overall protocol.

Velar Tokenomics and Market Performance

Based on the Velar whitepaper, the native token is essential for engaging in the ecosystem and making decisions. The whitepaper specifies that there will only ever be 1 billion VELAR tokens in circulation.

Approximately three-fifths of the VELAR tokens will be allocated for community rewards, one-fifth for the treasury, and similarly sized portions for founders, team members, and early purchasers. Advisors and participants in airdrops will receive 5% each of the total token supply.

When I penned down this text, the figures from CoinMarketCap indicated that VELAR was trading at a price above 30 cents, and its daily trading volume exceeded $60,000, while its market capitalization surpassed $14 million, all within just hours of its launch. Given the present market climate following Bitcoin’s dip below $68K, VELAR might put up a remarkable show if Bitcoin manages to bounce back from its recent setbacks.

Despite having a relatively small Total Locked Value of approximately $4.4M according to DefiLlama, there’s potential for growth as greater adoption and interest emerge in the protocol.

Velarโ€™s Competition and Future Outlook

Mentioned before, Velar tokens are available on Bybit, Uniswap, Gate.io, and Dharma. Regarding the new version, Velar Artha – inspired by Uniswap V3 – aspires to offer a perpetual derivatives exchange, featuring 20X leverage, and an advanced liquidity engine for enhanced functionality.

Velar has been compared by some to the role of Jupiter in the Solana blockchain’s Bitcoin exchange. Jupiter is a decentralized exchange (DEX) built into Solana, responsible for significant trading activity on the network.

Today marks the launch of Velar, the pioneering decentralized exchange for Bitcoin transactions (think of it as Bitcoin’s Jupiter), featuring listings on Bybit and Gate.

IDO was filled in 2 min.$VELAR

โ€” Byzantine General (@ByzGeneral) April 3, 2024

Yet, an important point to mention is that the Bitcoin L2 platform is becoming more popular, but this comes with increased competition as well.

Among the major rivals of Velar in the Bitcoin sphere is Sovryn. However, it’s important to note that both Sovryn and Velar are currently in their initial stages, offering substantial expansion prospects within the Bitcoin Decentralized Finance (DeFi) sector.

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2024-04-03 20:00