Velar, a prominent Bitcoin DeFi innovator, has partnered with Bitlayer to introduce Velar Artha, the world’s initial Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2 technology. This groundbreaking collaboration extends the capabilities of decentralized finance on Bitcoin structures, creating a PerpDex hosted on Bitcoin infrastructure that offers new trading opportunities for various assets. This venture allows traders to exchange perpetual contracts directly on the Bitcoin blockchain, setting a new standard for Bitcoin DeFi by ensuring total decentralization and security for all transactions.
This collaboration marks Velar’s first involvement beyond Stacks and signifies a remarkable milestone as part of Velar's expansion of its PerpDex to key partners within the industry. Velar’s CEO Mithil Thakore expressed excitement over the partnership with Bitlayer, emphasizing mutual understanding of Bitcoin’s potential in revolutionizing financial infrastructure and working collectively to shape the future of finance within the Bitcoin ecosystem.
Bitlayer's Co-Founder Charlie Yechuan Hu shared Bitlayer's aspiration to establish a new Bitcoin DeFi ecosystem featuring a native layer 2 solution providing security equivalent to Bitcoin through the BitVM approach. The incorporation of Velar into Bitlayer’s platform marks a significant advancement within the DeFi space, exploring distinctive opportunities present in the Bitcoin DeFi ecosystem. Bitlayer eagerly supports Velar’s perpetual DEX DeFi product to address the rising demand for on-chain perpetual trading in the Bitcoin community.
Using BitVM, Bitlayer introduces the first Bitcoin security-equivalent Layer 2 security framework, offering a completely EVM-compatible environment through its multi-VM capabilities. Developers can now seamlessly develop DeFi applications utilizing the exceptional security features of the Bitcoin network and the robust tools associated with Solidity. Velar Artha, the inaugural PerpDex on Bitcoin, will allow users to establish leveraged long and short positions across various assets, including BTC. This development will enable the release of billions of dollars in untapped capital within the Bitcoin ecosystem, empowering BTC holders to participate fully in DeFi without incurring any custodial risks.
