Velar, a prominent innovator in the world of Bitcoin DeFi, has announced a partnership with Bitlayer to introduce Velar Artha, the world’s inaugural Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
By broadening the possibilities of decentralized finance on the Bitcoin platform, the establishment of a PerpDex on Bitcoin infrastructure will create new trading opportunities for a variety of assets. Through allowing traders to directly exchange perpetual contracts on the Bitcoin blockchain, this collaboration sets a new standard for Bitcoin DeFi, ensuring complete decentralization and security for all transactions.
Not only is this Velar’s first venture outside of Stacks, but the partnership with Bitlayer also marks a significant milestone as Velar expands the deployment of its PerpDex to additional important partners.
Mithil Thakore, CEO of Velar, stated, “We are thrilled to collaborate with Bitlayer on this groundbreaking project. The integration of Velar on Bitlayer represents a major development for the DeFi space, exploring the unique opportunities within the Bitcoin DeFi ecosystem.”
Charlie Yechuan Hu, Co-Founder of Bitlayer, added, “Bitlayer aims to establish a new Bitcoin DeFi ecosystem with a native layer 2 solution that provides Bitcoin-equivalent security through the BitVM approach. We are excited to support Velar’s perpetual DEX DeFi product and meet the on-chain perpetual trading demand in the Bitcoin community.”
Through the utilization of BitVM, Bitlayer is the first Layer 2 security equivalent to Bitcoin security. The network’s ability to support multiple VMs enables a fully EVM-compatible environment, allowing developers to easily create DeFi apps that benefit from the unmatched security inherent to the Bitcoin network and the powerful tools associated with Solidity.
The first PerpDex to be launched on Bitcoin will be Velar Artha, which will empower users to establish leveraged long and short positions on a variety of assets, including BTC. This will unlock billions of dollars’ worth of dormant capital from the Bitcoin ecosystem, enabling BTC holders to fully participate in DeFi without assuming any custodial risk.