Velar, a DeFi liquidity protocol constructed on Bitcoin, introduced right now the mainnet launch of Dharma, its new Automated Market Maker (AMM) impressed by Uniswap V2. Dharma is designed to broaden the DeFi functionalities accessible on Bitcoin, probably unlocking the community’s trillion-dollar potential.
LIFTOFF! 🚀
Velar’s AMM is now reside with STX<>aeUSDC & STX<>aBTC buying and selling pairs, unlocking decentralized buying and selling on Bitcoin!
This adjustments EVERYTHING! Be part of the revolution as we reshape #DeFi, making buying and selling seamless & accessible!
The longer term is right here with #Velar Dharma! 🟧 pic.twitter.com/KYoh8Y9i8n
— Velar (@VelarBTC) March 19, 2024
The brand new launch adopted final 12 months’s profitable tesnet launch, attracting over 100,000 customers.
In keeping with Velar’s press launch, Dharma is powered by Bitcoin layer 2 protocol Stacks. The preliminary launch of Velar’s V1 Dharma incorporates a decentralized trade (DEX) that facilitates absolutely on-chain buying and selling of token pairs. This improvement is anticipated to complement liquidity throughout the increasing Bitcoin ecosystem and introduce novel DeFi options.
At launch, Dharma will assist two token pairs, STX-ABTC and STX-AEUSDC, with plans so as to add extra tokens within the following days. Velar’s Dharma AMM leverages the Bitcoin community’s strong safety to supply a reliable and intuitive platform for DeFi actions. Velar expects to redefine DeFi operations on Bitcoin with the newest transfer and lay the groundwork for a thriving ecosystem of DeFi functions and providers.
Mithil Thakore, Velar’s CEO, expressed his enthusiasm for the launch, stating that “it’s a testomony to Velar’s dedication to revolutionizing the DeFi panorama.”
“With this modern platform, we’re not simply embracing change; we’re driving it,” Thakore added. “By providing customers the chance to leverage the facility of their belongings in a safe, non-custodial surroundings, we’re paving the best way for a brand new period of economic freedom. At this time, we’re not simply launching a product; we’re launching a motion—one that can form the way forward for decentralized finance on Bitcoin.”
The growth of Bitcoin DeFi is seen as a key to unlocking as much as $1 trillion in dormant capital throughout the Bitcoin ecosystem. This might open up new avenues for customers to earn rewards via Bitcoin DeFi liquidity provision, participating in lending, borrowing, staking, and yield farming actions. With Dharma, Velar goals to let customers keep self-custody of their belongings whereas exploring the various alternatives the Bitcoin DeFi area gives.
Velar famous in a separate weblog submit that Velar Dharma goals to be a complete DeFi suite for the Bitcoin ecosystem, providing core functionalities comparable to buying and selling, liquidity provision, staking, IDO launchpad, and yield farming.
Dharma is a part of Velar’s ongoing efforts to develop a complete vary of Bitcoin-based merchandise. To gasoline the event of its modern Bitcoin DeFi suite, Velar secured $3.5 million final month in a funding spherical backed by Bitcoin Startup Lab, CMS Holdings, and Black Edge Capital. The funding’s aim is to assist the event of a Bitcoin DEX for perpetual swaps.
