Bitcoin DeFi protocol Velar announces IEO for its token

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Bitcoin (BTC) liquidity protocol Velar announced the listing of its upcoming token VELAR on crypto exchange Bybit on Apr. 3. An Initial Exchange Offering is also set to happen on the same day both on Bybit and Velar’s decentralized exchange (DEX), Dharma.

Velar’s roadmap is aimed at enhancing BTC liquidity and unlocking novel decentralized finance (DeFi) capabilities for Bitcoin’s ecosystem. According to the announcement, the listing broadens accessibility, ensuring thousands of new users can access Velar’s capabilities for the first time.

“Having Bybit’s trust is a significant endorsement for us at Velar,” said Velar co-founder & CPO Tejinder Singh Mor. “This milestone not only validates our team’s efforts but also highlights the potential of our products to make a meaningful impact in the Bitcoin DeFi space.”

Velar aims to tap over $1 trillion in dormant Bitcoin capital, giving BTC holders yield opportunities and accelerating smart contract growth. The recent launch of Velar’s Dharma DEX has already deepened BTC liquidity to unlock DeFi functionality. In two weeks, it has attracted over 150,000 users.

Upcoming is Velar’s V2 mainnet, which includes a Bitcoin perpetual DEX offering leverage for institutional and retail investors to utilize dormant BTC as collateral. While DeFi has grown exponentially, most Bitcoin capital remains dormant with utility limited to a store of value. By integrating Bitcoin into DeFi, Velar unlocks innovation and investment.

“As we prepare to go live on Bybit, we recognize the significance of this moment for the entire Bitcoin ecosystem,” said Velar co-founder & CEO Mithil Thakore. “This marks a pivotal juncture where we’ll witness firsthand the interest and adoption of Bitcoin ecosystem projects on a global scale,” he concludes.

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