Panama City, Panama, May 21, 2024, Chainwire
Pioneering Bitcoin DeFi Developer Velar announced its partnership with BOB (Built on Bitcoin) to support the launch of Velar Artha, the world's first perpetual decentralized exchange (PerpDex) on Bitlayer's EVM-enabled Bitcoin Layer 2.
BOB will provide technical support to optimize the development and launch of Velar Artha's mainnet, leveraging its best-in-class development tools, analytics, wallets and blockchain infrastructure. This will accelerate the launch of the PerpDex and ensure that it has a solid technical foundation.
Velar Artha will form a first of its kind PerpDex within the Bitcoin ecosystem that combines the security of Bitcoin with the developer-friendly tools facilitated by EVM compatibility. The decentralized exchange will go live on Bitlayer, the Bitcoin Layer 2 that supports EVM. As one of the first strategic partners to contribute to the deployment of Artha, BOB will play a critical role in overseeing its security, decentralization and UI/UX.
Mithil Thakore, CEO, Velar, said: “Collaborating with BOB for the launch of Velar Artha PerpDex marks a pivotal moment for us. Being one of their first projects, the first PerpDex highlights the mutual trust and shared vision between Velar and BOB. We are excited to start this journey together, pushing the boundaries of Bitcoin DeFi and bringing value to the Bitcoin community.
BOB co-founder Alexei Zamyatin added: “We are excited to see the progress of Velar for its launch on BOB. The Velar team is one of the high-potential Bitcoin DeFi builders in the space and we look forward to working with them to drive their user and TVL growth as part of the BOB DeFi ecosystem.
BOB operates a hybrid L2 that combines the security of Bitcoin with the versatility of Ethereum. It allows developers familiar with EVM to instantly start developing Bitcoin. This allows projects to reduce time to market by taking advantage of a tailored Bitcoin developer suite.
Velar Artha will allow Bitcoin users to perpetually trade against assets including BTC and open leveraged long and short positions. This will introduce an essential DeFi building block to the Bitcoin ecosystem whose composability will support new integrations. This will unlock dormant capital in Bitcoin while allowing DeFi innovation to flourish.
About Vélaire
Velar is on a mission to unlock the true potential of Bitcoin by developing a suite of powerful tools and products for DeFi. Known for creating the world's first perpetual decentralized exchange (Perp DEX) on Bitcoin, Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unparalleled security.
Learn more: https://www.velar.com/
Avishay Litani
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