Velar, a DeFi liquidity protocol constructed on Bitcoin, in the present day introduced the mainnet launch of Dharma, the brand new Automated Market Maker (AMM) impressed by Uniswap V2. Dharma is designed to broaden the DeFi functionalities obtainable on Bitcoin, doubtlessly unlocking the community’s trillion-dollar potential.
TO TAKE OFF! 🚀
Velar’s AMM is now stay with STX<>aeUSDC & STX<>aBTC buying and selling pairs, unlocking decentralized buying and selling on Bitcoin!
This modifications EVERYTHING! Be a part of the revolution as we reimagine #DeFi, making buying and selling seamless and 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 yr’s profitable tesnet launch and attracted greater than 100,000 customers.
In keeping with Velar’s press launch, Dharma is powered by Bitcoin Layer 2 protocol Stacks. The primary launch of Velar’s V1 Dharma contains a decentralized trade (DEX) that permits full on-chain buying and selling of token pairs. This improvement is anticipated to counterpoint liquidity inside the rising Bitcoin ecosystem and introduce new DeFi options.
At launch, Dharma will help two token pairs, STX-ABTC and STX-AEUSDC, with plans so as to add extra tokens within the coming days. Velar’s Dharma AMM leverages the strong safety of the Bitcoin community to supply a dependable and intuitive platform for DeFi actions. Velar expects the most recent transfer to redefine the DeFi enterprise on Bitcoin and lay the muse for a thriving ecosystem of DeFi functions and providers.
Mithil Thakore, CEO of Velar, expressed his pleasure concerning the launch, saying that “it’s a testomony to Velar’s dedication to revolutionizing the DeFi panorama.”
“With this progressive platform, we not solely embrace change; we drive it,” Thakore added. “By empowering customers to harness the facility of their belongings in a safe, non-custodial surroundings, we’re paving the way in which for a brand new period of monetary freedom. At this time we’re not simply launching a product; we’re launching a motion – one that may form the way forward for decentralized finance on Bitcoin.”
The enlargement of Bitcoin DeFi is seen as a key to unlocking as much as $1 trillion of dormant capital inside the Bitcoin ecosystem. This might open new avenues for customers to earn rewards by way of Bitcoin DeFi’s liquidity provision, by partaking in lending, borrowing, staking, and yield farming actions. With Dharma, Velar goals to let customers preserve self-control over their belongings whereas exploring the varied prospects provided by the Bitcoin DeFi area.
Velar famous in a separate weblog put up that Velar Dharma goals to be a complete DeFi suite for the Bitcoin ecosystem, providing core functionalities resembling buying and selling, liquidity provision, staking, IDO launch pad, and yield farming.
Dharma is a part of Velar’s ongoing efforts to develop an in depth vary of Bitcoin-based merchandise. To gas the event of its progressive Bitcoin DeFi suite, Velar final month secured $3.5 million in a funding spherical backed by Bitcoin Startup Lab, CMS Holdings and Black Edge Capital. The aim of the funding is to help the event of a Bitcoin DEX for perpetual swaps.