Velar, a prominent innovator in the field of Bitcoin DeFi, has recently partnered with Bitlayer to introduce Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
This collaboration aims to expand the possibilities of decentralized finance on the Bitcoin network by creating a PerpDex that operates directly on the Bitcoin blockchain. By allowing traders to exchange perpetual contracts on the Bitcoin network, this partnership sets a new standard for Bitcoin DeFi, ensuring complete decentralization and security for all transactions.
Notably, this collaboration with Bitlayer marks Velar’s first venture beyond the Stacks ecosystem. It is also a significant milestone as Velar seeks to expand the deployment of its PerpDex with other key partners.
Mithil Thakore, the CEO of Velar, commented on the partnership, stating:
“We are thrilled to collaborate with Bitlayer and bring our PerpDex to the Bitcoin community. This partnership represents an exciting opportunity to explore the unique possibilities within the Bitcoin DeFi ecosystem.”
Charlie Yechuan Hu, Co-Founder of Bitlayer, emphasized the importance of the integration, saying:
“Bitlayer aims to establish a new Bitcoin DeFi ecosystem with a native layer 2 solution that offers the same level of security as Bitcoin. The integration of Velar on Bitlayer is a significant development for the DeFi space, opening up new opportunities within the Bitcoin DeFi ecosystem. Bitlayer is excited to support Velar’s perpetual DEX DeFi product and meet the growing demand for on-chain perpetual trading in the Bitcoin community.”
Bitlayer, built on the BitVM, is the first Layer 2 solution that provides security equivalent to Bitcoin. Its EVM-compatible environment allows developers to create DeFi applications that leverage the unparalleled security of the Bitcoin network and the powerful tools associated with Solidity.
The first PerpDex to be launched on Bitcoin will be Velar Artha, enabling users to engage in leveraged long and short positions on various assets, including BTC. This will unlock billions of dollars’ worth of idle capital from the Bitcoin ecosystem, allowing BTC holders to participate fully in DeFi without assuming any custodial risk.
