Velar Launches Dharma AMM to Unlock DeFi Liquidity on Bitcoin

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Velar Launches Dharma AMM to Unlock DeFi Liquidity on Bitcoin

Panama City, Panama, March 19th, 2024, Chainwire

Bitcoin liquidity protocol Velar has announced the launch of Dharma, its Automated Market Maker (AMM) to bring DeFi liquidity to the Bitcoin ecosystem. Set to go live on Bitcoin L2 Stacks on March 19th, Dharma will expand the DeFi capabilities of the Bitcoin network.

Velar’s V1 Dharma introduces decentralized exchange, allowing token pairs to be traded fully onchain. The launch will deepen liquidity within the burgeoning Bitcoin ecosystem and unlock new DeFi capabilities. Dharma provides users with advanced financial tools for liquidity provision, trading, and asset management.

Two token pairs will be supported upon launch with additional tokens set to be added on consecutive days. STX-ABTC and STX-AEUSDC will initially be available for trading before being complemented by the introduction of further pairs.

By leveraging the inherent security of the Bitcoin network, Velar's Dharma AMM provides a reliable and user-friendly platform for decentralized finance operations. Its launch will set a new standard for how DeFi can operate on Bitcoin and provide a foundation for DeFi applications and services to flourish.

Velar CEO Mithil Thakore said: “Celebrating the launch of our Dharma AMM mainnet is more than just a milestone—it's a testament to Velar's commitment to revolutionizing the DeFi landscape. With this innovative platform, we're not just embracing change; we're driving it. By offering users the opportunity to leverage the power of their assets in a secure, non-custodial environment, we're paving the way for a new era of financial freedom. Today, we're not just launching a product; we're launching a movement—one that will shape the future of decentralized finance on Bitcoin."

The growth of DeFi on Bitcoin has the potential to unlock $ 1 trillion in dormant capital and provide new ways to earn rewards for providing liquidity and participate in lending, borrowing, staking, and yield farming. With Dharma, users can retain self-custody of their assets while exploring the many possibilities available within the world of decentralized finance.

About Velar

Velar is on a mission to unlock Bitcoin’s true potential by developing a suite of powerful tools and products for DeFi. Dharma is Velar’s AMM that incentivizes liquidity provision and trading on Stacks, the leading Bitcoin L2. 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