Velar announced that its native token, VELAR, will soon be available to the public. This token will start trading on Bybit, a major cryptocurrency exchange, on April 3. This is the same day Velar will introduce its token through an Initial DEX Offering.
Velar's goal is to make it easier for people to use Bitcoin in DeFi projects. By listing its token on Bybit, Velar aims to make it accessible to more users. This move could help the project grow and encourage more innovation in Bitcoin DeFi projects.
Bitcoin has a lot of value that is not being used in the DeFi sector. Velar plans to unlock over $1 trillion of this "dormant capital" for Bitcoin holders. This means that people holding Bitcoin could start earning money similar to what is possible on platforms that support smart contracts, like Ethereum.
Velar has already made significant progress with Dharma, the platform for trading and managing assets. Dharma has attracted over 150,000 users in just two weeks. It offers various tools for users to make their Bitcoin work, including trading, staking and yield farming.
Velar now plans to launch a new version of its platform, V2 mainnet, which will include a Bitcoin-native trading platform offering up to 20x leverage. This means users can trade with more money than they have, increasing their potential earnings but also their risk. This is why using leverage requires certain knowledge and risk management strategies.
The team behind Velar believes listing on Bybit is a big step forward for Bitcoin DeFi projects. This is happening while Bitcoin is getting more attention, partly because of new Bitcoin ETFs that have made it easier for institutional investors to get involved in the crypto market.
Velar is working on expanding Bitcoin use cases, moving beyond just seeing it as a way to store value. By integrating Bitcoin with DeFi, Velar hopes to create more opportunities for investment and innovation in the crypto space.
Alex Dovbnya
Vladislav Sopov
Dan Burgin