Velar, a leading Bitcoin DeFi inventor, has announced a partnership with Bitlayer to launch Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.
Expanding the potential of decentralized finance operating on Bitcoin rails, the creation of a PerpDex hosted on Bitcoin infrastructure will open up new trading options for a range of assets. By enabling traders to exchange perpetual contracts directly on the Bitcoin blockchain, the cooperation sets a new standard for Bitcoin DeFi and ensures complete decentralization and security for all transactions.
In addition to being Velar’s first engagement outside of Stacks, the cooperation with Bitlayer represents a significant milestone as Velar increases the deployment of its PerpDex to additional key partners.
Velar CEO Mithil Thakore said:
“Partnering with Bitlayer for the launch of Velar Artha PerpDEX represents a significant milestone for the entire Bitcoin ecosystem. Charlie Hu and I share a common vision for Bitcoin’s potential as the foundation for a new financial infrastructure and I couldn’t be more excited to work with someone who truly understands and shares that vision. Together, we are not just building products, but paving the way for the future of finance on Bitcoin.”
Bitlayer Co-Founder Charlie Yechuan Hu added: “Bitlayer aims to build a new Bitcoin DeFi ecosystem with a native layer 2 solution that offers Bitcoin-equivalent security through the BitVM approach. The integration of Velar on Bitlayer is a significant development for the DeFi space, exploring the asymmetric opportunities within the Bitcoin DeFi ecosystem. Bitlayer is excited to support Velar’s perpetual DEX DeFi product to meet the on-chain perpetual trading demand in the Bitcoin community.”
Built using the BitVM, Bitlayer is the first Bitcoin security-equivalent Layer 2 security. A completely EVM-compatible environment is made possible by the network’s capability for many VMs. Developers may now more easily create DeFi apps that take use of the unparalleled security that is inherent to the Bitcoin network and the powerful tools associated with Solidity.
The first PerpDex to be launched on Bitcoin will be Veral Artha, enabling users to create leveraged long and short positions on a range of assets, including BTC. By doing so, it will contribute to the unlocking of billions of dollars’ worth of idle capital from the Bitcoin ecosystem, enabling holders of BTC to fully engage in DeFi without taking on any custodial risk.
