- Bybit will list VELAR, the native token of Bitcoin liquidity protocol Velar, on April 3.
- Velar’s listing on Bybit comes as an initial exchange offering and marks a significant milestone for the Bitcoin ecosystem.
Velar plans to launch its own token, VELAR, through an Initial Exchange Offering (IEO) on cryptocurrency exchange Bybit.
The Bitcoin liquidity protocol said in an announcement Wednesday that VELAR will launch on Bybit on April 3, coinciding with the initial DEX offering.
Additionally, VELAR’s adoption of a top-tier cryptocurrency platform is aligned with the project’s roadmap to accelerate growth and adoption in global markets.
According to a press release shared with CoinJournal, this is a significant milestone for Bitcoin’s DeFi ecosystem. especially, The launch of Velar is expected to strengthen liquidity and usability within the Bitcoin DeFi ecosystem.
Bybit’s position as one of the world’s leading spot and derivatives trading platforms will play a big role here, the platform noted in its announcement.
“As we prepare for the listing of Bybit, one of the top three cryptocurrency exchanges in the world, along with the listing of the $VELAR token on April 3, we recognize the importance of this moment for the entire Bitcoin ecosystem.Mithil Thakore, co-founder and CEO of Velar, said:
Chief Belar added:This is an important time for us to witness first-hand interest and adoption of Bitcoin ecosystem projects on a global scale. It’s not just about our project. It’s paving the way for countless others.”
The Bitcoin DeFi ecosystem continues to grow.
Ethereum has over $50 billion in liquidity across DeFi protocols.
According to Velar, this outlook suggests enormous potential for Bitcoin, the benchmark cryptocurrency asset. The upcoming launch provides Velar with the opportunity to tap into over $1 trillion of dormant BTC capital.
This outlook means that Bitcoin holders can take advantage of the opportunities, including the yields, that the smart contract industry offers.
VELAR’s listing on Bybit follows Velar’s successful launch of Dharma, an automated market maker (AMM) and decentralized exchange (DEX). The platform has already attracted over 150,000 users and users have access to features such as token swaps, liquidity pools, staking, and yield farming.
Bitcoin continues to see unprecedented growth, and DeFi, NFTs, and the new era of gaming are seen as the next big thing. Velar has a first-mover advantage as it seeks to introduce more BTC into the DeFi environment.
According to a press release today, Velar will soon launch its V2 mainnet, showcasing its Bitcoin-based persistent DEX platform. The pioneering non-custodial platform offers up to 20x leverage.