Originally published on: September 16, 2024
Velar has recently made waves in the cryptocurrency world by introducing a groundbreaking Bitcoin decentralized exchange (DEX) that offers perpetual swaps. This move is set to revolutionize the way BTC holders interact with their digital assets.
The newly launched Velar Artha perpetual swaps DEX, which is currently in beta on BOB (Build on Bitcoin), promises to provide a new level of utility to Bitcoin users. According to Mithil Thakore, Velar’s co-founder and CEO, this milestone launch has the potential to unlock unprecedented liquidity within the Bitcoin ecosystem.
In a statement to Cointelegraph, Thakore expressed his excitement about the possibilities that the Velar Artha Perp Dex brings to the table. This initiative is part of a larger trend of companies venturing into the realm of Bitcoin-based decentralized finance (DeFi), often referred to as BTCFi.
While Ethereum has long been synonymous with DeFi and smart contracts, more and more organizations are exploring the opportunities that lie within the Bitcoin network. Thakore believes that continued innovation in the BTCFi space could position Bitcoin as the primary platform for decentralized finance in the coming years.
One key factor that will contribute to the growth of BTCFi is the development of Layer-2 (L2) networks like Stacks. These networks are crucial in enhancing the utility of Bitcoin, given that the mainnet lacks smart contract capabilities. With over 100 L2s currently in development, Bitcoin could soon become the go-to blockchain for a wide range of DeFi use cases.
Just recently, Zest Protocol unveiled its new BTCz token, offering Bitcoin holders the opportunity to earn staking yields on their BTC through Babylon Protocol. These developments mark an exciting time in the world of Bitcoin and decentralized finance, with Velar leading the charge towards a brighter, yield-rich future for BTC holders.
