Velar Collaborates With Build on Bitcoin (BOB) for PerpDex Launch

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Velar Collaborates With Build on Bitcoin (BOB) for PerpDex Launch

Panama City, Panama, May 21st, 2024, Chainwire

Pioneering Bitcoin DeFi developer Velar has announced that it is partnering with BOB (Build on Bitcoin) to support the launch of Velar Artha, the world's first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.

BOB will provide technical support to optimize the development and mainnet launch of Velar Artha, drawing upon its best-in-class developer tooling, analytics, wallets, and blockchain infrastructure. This will accelerate the launch of the PerpDex and ensure that it is anchored by a strong technical foundation.

Velar Artha will form a first of its kind PerpDex within the Bitcoin ecosystem that combines the security of Bitcoin with the developer-friendly tooling facilitated by EVM compatibility. The decentralized exchange will go live on Bitlayer, the Bitcoin Layer 2 that supports the EVM. As one of the first strategic partners to assist with Artha’s deployment, BOB will play a critical role in overseeing its security, decentralization and UI/UX.

Velar CEO Mithil Thakore said: “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. We're excited to pioneer this journey together, pushing the boundaries of Bitcoin DeFi and delivering value to the Bitcoin community.”

Co-founder of BOB, Alexei Zamyatin, added: “We are excited to see Velar's progress to launch on BOB. The Velar team is one of the high-potential Bitcoin DeFi builders in the space and we look forward to working with them on boosting their user and TVL growth as part of BOB's DeFi ecosystem."

BOB operates a hybrid L2 that combines the security of Bitcoin with the versatility of Ethereum. It enables developers familiar with EVM to start building on Bitcoin instantly. This allows projects to reduce time to market by taking advantage of a tailor-made Bitcoin developer suite.

Velar Artha will allow Bitcoin users to make perpetual swaps for assets including BTC and to open leveraged long and short positions. This will introduce a vital DeFi building block to the Bitcoin ecosystem whose composability will support further integrations. It will unlock dormant capital on Bitcoin while allowing DeFi innovation to flourish.

About Velar

Velar is on a mission to unlock Bitcoin’s true potential by developing a suite of powerful tools and products for DeFi. Known for creating the world's first perpetual decentralized exchange (Perp DEX) on Bitcoin, Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unrivaled security.

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Avishay Litani