Velar, a Bitcoin (BTC) decentralized finance (DeFi) platform, has announced a partnership with Build on Bitcoin (BOB) supporting the launch of Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2, as per the information shared with Finbold on May 21.
The collaboration aims to expedite the launch of the PerpDex, ensuring a robust technical foundation.
Bringing DEXs to Bitcoin Layer 2
Velar Artha promises to be a trailblazing PerpDex within the Bitcoin ecosystem, merging Bitcoin’s security with the developer-friendly environment provided by Ethereum Virtual Machine (EVM) compatibility.
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The decentralized exchange will debut on Bitlayer, a Bitcoin Layer 2 that supports the Ethereum Virtual Machine (EVM).
As an initial strategic partner, BOB will play a crucial role in overseeing the platform’s security, decentralization, and user experience.
BOB will streamline the development and mainnet launch of Velar Artha, utilizing its top-tier developer tools, analytics, wallets, and blockchain infrastructure.
Velar CEO Mithil Thakore emphasized the significance of the partnership, stating:
“Collaborating with BOB for the launch of Velar Artha PerpDex marks a pivotal moment for us. Being one of their initial projects, the first PerpDex underscores the mutual trust and shared vision between Velar and BOB. We’re excited to pioneer this journey together, pushing the boundaries of Bitcoin DeFi and delivering value to the Bitcoin community.”
Perpetual swaps on Velar Artha
Velar Artha will empower Bitcoin users to perform perpetual swaps for assets, including BTC, and to open leveraged long and short positions.
This model will foster further integrations and unlock dormant capital on Bitcoin, thus propelling DeFi innovation forward.
BOB co-founder Alexei Zamyatin expressed his enthusiasm and optimism for the future, stressing the importance of the Velar partnership:
“We are excited to see Velar’s progress to 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 on boosting their user and TVL growth as part of BOB’s DeFi ecosystem.”
BOB operates a hybrid Layer 2 solution that merges Bitcoin’s security with Ethereum’s flexibility, enabling developers familiar with EVM to start building on Bitcoin swiftly.
This approach reduces time to market, leveraging a specially designed Bitcoin developer suite.
