- Summary:
- Velar Protocol aims to unlock $500 billion DeFi potential in the Bitcoin ecosystem and will leverage the network's security and scalability
Velar Protocol, a project aiming to promote DeFi on Bitcoin Network, has announced the beta release of the Velar Dharma Mainnet, a major step forward for Bitcoin’s decentralised financial system. With the release of the Beta mainnet, the Velar team will be able to check for vulnerabilities and test scalability.
Dharma Mainnet is the first Bitcoin network to implement an automated liquidity mechanism, allowing for a more streamlined and effective DeFi experience. The protocol’s strength is based on leveraging the scalability and programmability of Stacks, a Bitcoin L2 solution, with the robust basis of Bitcoin’s security, network impact, and decentralisation.
Velar’s mission to promote DeFi on Bitcoin
Velar Protocol is a Bitcoin-finality DeFi protocol that uses the Stacks L2 network and the Clarity programming language. The protocol offers a full range of DeFi goods, such as token launches, rewards, and automatic liquidity provision.
Velar enables individuals to launch and trade tokens on the Bitcoin network while receiving benefits through liquidity provision. Ultimately, the protocol aims to unlock Bitcoin’s potential liquid value of over $500 billion. With the release, Velar says its users will have new avenues for realising DeFi’s full potential on the Bitcoin network. This level of interest and enthusiasm is evidenced by the recent success of the Velar Incentivized Testnet, which drew over 100,000 unique wallets, going beyond expectations.
By partnering with Bitcoin Startup Lab, Velar has strengthened its position as an industry leader in the Bitcoin ecosystem. DeFi on Bitcoin’s development receives a significant boost from this partnership, which brings together an active network of entrepreneurs, mentors, and investors.
Velar says it will continue to upgrade and release newer versions to enable it fully explore he capabilities of DeFi on Bitcoin. With the upgrades, there will be improvements in governance, a cross-chain bridge for frictionless asset transfer between different L2 networks on Bitcoin, an improvised DEX with concentrated liquidity. In addition, it plans to launch a trading exchange for perpetual derivatives with up to 20x leverage, and a total of ten times the normal leverage.