Velar Secures $3.5 Million in Seed Funding for Bitcoin DeFi Platform
Velar, a Bitcoin (BTC) DeFi platform, has successfully concluded its seed funding round, raising $3.5 million from prominent Web3 investors. The funding round saw participation from key ventures such as Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block, and Samara Asset Group.
Introducing PerpDEX: The World’s First Perpetual Decentralized Exchange on Bitcoin
Leveraging the growing interest in DeFi, Velar is launching PerpDEX, the world’s first perpetual decentralized exchange on the Bitcoin network. With over $100 billion in liquidity attracted to the Ethereum (ETH) network, Velar aims to tap into Bitcoin’s dormant liquidity of $800 billion. This will provide BTC holders with similar value propositions and yields that have been successful in the Ethereum ecosystem.
Preparations for Dharma Mainnet Launch
In preparation for the Dharma mainnet launch, Velar plans to expedite its PerpDEX platform called Velar Artha with new capital. This platform will utilize Stacks to provide liquidity for decentralized applications (dApps) on Bitcoin. While initially launching on Stacks, Velar is Layer 2 (L2) agnostic and will integrate with other leading Bitcoin Layer 2 solutions.
Positive Feedback from Industry Experts
Mithil Thakore, Co-Founder and CEO of Velar, expressed excitement about the successful funding round and stated that it validates their mission to make Proof-of-Work and Bitcoin the base layer of DeFi. Muneeb Ali, Co-Creator of Stacks, believes that introducing perps for Bitcoin and other assets will help unlock the $500 billion in untapped value on Bitcoin. Eric from CMS Holdings also expressed support for Velar, stating that it brings a range of DeFi products to the BTC space.
Velar’s Future Products
Velar’s upcoming product suite includes an automated market maker (AMM), project launchpad, and PerpDEX. These offerings will allow institutions to use dormant BTC holdings as collateral in a non-custodial manner. The AMM testnet, launched in May, attracted over 165,000 wallets, setting a record for a Bitcoin-focused DeFi project.
Fueling the Growth of Decentralized Finance on the Bitcoin Network
Despite Ethereum’s dominance in the DeFi space, platforms like Stacks are fueling the growth of decentralized financial ecosystems on the Bitcoin network. The recent approval of ten Bitcoin exchange-traded funds (ETFs) has also increased interest in Bitcoin’s native asset.
Hot Take: Unlocking the Potential of Bitcoin DeFi with Velar
Velar’s successful seed funding round highlights the increasing interest and potential for DeFi on the Bitcoin network. By tapping into Bitcoin’s dormant liquidity and offering similar value propositions to Ethereum-based DeFi projects, Velar aims to redefine what’s possible in the world of decentralized finance. With its upcoming product suite and partnerships with leading investors and industry experts, Velar is well-positioned to become a major player in the Bitcoin DeFi space.
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