Velar revealed its plan to launch the PerpDex platform earlier this year. Particularly, the Bitcoin-inclined platform secured a $3.5 million seed fund for its launch.
Velar, a top Bitcoin Decentralized Finance (DeFi) innovator, has announced it is partnering with Build on Bitcoin (BoB) on an upcoming PerpDEX project.
Markedly, the pioneering BTC DeFi developer is working on the launch of Velar Artha it dubs as the world’s first Perpetual Decentralized Exchange (PerpDex). Hence, its alliance with BOB is to support the launch of the protocol on Bitlayer’s EVM-compatible Bitcoin Layer 2.
BOB Brings Its Technical Support to Velar Artha Launch
The collaboration requires that BoB provides technical support that will facilitate the development and mainnet launch of Velar Artha. This support encompasses its best-in-class developer tooling, analytics, wallets, and blockchain infrastructure. Build on Bitcoin’s presence and association with the upcoming protocol ensures that it is anchored by a proven technical foundation.
Additionally, it holds the capacity to accelerate the launch of the PerpDex. Ultimately, BoB’s role includes overseeing the security, decentralization, and UI/UX of Artha’s deployment.
“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,” Velar CEO Mithil Thakore said “We’re excited to pioneer this journey together, pushing the boundaries of Bitcoin DeFi and delivering value to the Bitcoin community.”
With this upcoming addition, Bitcoin users will be able to make perpetual swaps for assets including BTC. Also, they will be able to open leveraged long and short positions.
Velar Secured $3.5M for the Artha PerpDEX Launch
Velar revealed its plan to launch the PerpDex platform earlier this year. Particularly, the Bitcoin-inclined platform secured a $3.5 million seed fund for its launch. The funding round enjoyed participation from Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block, and Samara Asset Group. Even Alexei Zamyatin, the co-Founder of BoB, was one of the angel investors in the funding round.
The idea behind the PerpDex initiative is to tap into the substantial $800 billion dormant liquidity within Bitcoin’s DeFi ecosystem. This product will offer BTC holders similar value propositions and yields that have proven successful on the Ethereum network. Based on Velar’s plan and a recent strategic partnership, the new DEX will go live on Bitlayer which supports the Ethereum Virtual Machine (EVM).
Right after securing the fund, it was disclosed that the platform will leverage Stacks to enable liquidity for DeFi Decentralized Applications (DApps) on Bitcoin. Velar Artha is scheduled for launch later in this second quarter.
Once it is finally launched, Velar Artha will become a pioneering PerpDex within the BTC ecosystem that safely combines the security of Bitcoin with developer-friendly tooling facilitated by EVM compatibility. Institutions are guaranteed a platform to utilize their dormant BTC holdings as collateral in a non-custodial manner, a move that provides a unique avenue for institutional participation in DeFi.
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