Bybit will list VELAR, the native token of Bitcoin liquidity protocol Velar on April 3.
Velar’s listing on Bybit will be via an initial exchange offering and marks a major milestone for Bitcoin ecosystem.
Velar is set to launch its native token VELAR via an Initial Exchange Offering (IEO) on crypto exchange Bybit.
The Bitcoin liquidity protocol said in an announcement on Wednesday that VELAR will go live on Bybit on April 3 and will coincide with its Initial DEX offering.
Also notably, VELAR on a top tier crypto platform aligns with the project’s roadmap for accelerating its growth and adoption across the global marketplace.
According to a news release shared with CoinJournal, this is significant milestone for the DeFi ecosystem on Bitcoin. In particular, Velar’s launch is expected to bolster liquidity and utility within the Bitcoin DeFi ecosystem.
Bybit’s position as one of the world’s top spot and derivatives exchange platforms will play a huge part in this, the platform noted in the announcement.
“As we prepare to go live on Bybit, one of the world’s top 3 crypto exchanges, with the listing of $VELAR token on April 3rd, we recognize the significance of this moment for the entire Bitcoin ecosystem,” Velar co-founder & CEO Mithil Thakore said.
The Velar chief added, “This marks a pivotal juncture where we’ll witness firsthand the interest and adoption of Bitcoin ecosystem projects on a global scale. It’s not just about our project; it’s about paving the way for countless others.”
The Bitcoin DeFi ecosystem continues to grow
Ethereum has over $50 billion in liquidity locked across DeFi protocols.
According to Velar, this is an outlook that suggests enormous potential for Bitcoin, the benchmark crypto asset. The upcoming launch offers an opportunity for Velar to tap into more than $1 trillion in dormant BTC capital.
The prospect means Bitcoin holders can leverage the opportunities, including yields, that the smart contracts industry offers.
VELAR’s listing on Bybit comes after Velar successfully launched Dharma, an automated market maker (AMM) and decentralized exchange (DEX). The platform has already attracted over 150k users, with users able to access features such as token swaps, liquidity pools, staking and yield farming.
Bitcoin continues to see unprecedented growth and a new era of DeFi, NFTs and gaming is seen as the next big thing. Velar has a first mover advantage as it seeks to bring more BTC into the DeFi landscape.
According to today’s press release, Velar will soon launch its V2 mainnet to introduce a Bitcoin-native perpetual DEX platform. The pioneering non-custodial platform will offer up to 20x leverage.
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