Bitcoin-backed Velar to launch native token via ByBit: Details

Velar, a liquidity protocol powered by Bitcoin, has announced the launch of its native token of the same name. The token is entering the trading arena via ByBit, which is known as the world’s second-largest cryptocurrency exchange after Binance. The Indian development team behind the project claims that the launch is a pivotal moment for the Bitcoin ecosystem as tokens based on Bitcoin projects are being listed on popular exchanges like ByBit.

Starting on April 3, Velar tokens will be traded on ByBit through the first DEX transaction. The company aims to highlight the potential of the Bitcoin blockchain in the field of decentralized finance (DeFi). The company believes that Bitcoin’s investor and developer community may see greater returns and more use cases if activity on the Bitcoin blockchain increases.

In a conversation with Gadgets360, the project’s co-founder and CEO Mithil Thakore explained why the team chose to launch Velar on the Bitcoin blockchain when other cheaper and energy-efficient blockchains were available. Due to its proof-of-work model, Bitcoin is often criticized for its energy-intensive nature.

“Choosing to build Velar on top of Bitcoin means choosing the best, most secure, and proven blockchain. The asset is unmatched, with unparalleled security, an extensive network, and over $1 trillion in dormant capital waiting in the wings Release,” Takore said. “While alternative blockchains may offer lower costs or greater efficiencies, none can match Bitcoin’s legacy as the oldest and most trusted blockchain.”

In the coming days, Velar plans to launch a Bitcoin-native trading platform. The platform will allow users to trade up to 20 times their capital holdings and hopefully earn greater returns. It’s worth noting that such transactions may pose risks to investors’ funds. The company expects a bright future for its business in the Indian web3 market.

“India offers tremendous opportunities with the rapid adoption of digital finance and growing interest in cryptocurrencies. The country’s tech-savvy population and developer community make it a fertile ground for Velar’s ​​innovative Bitcoin DeFi solutions, allowing us to Substantial growth in one of the fastest growing economies in the world,” said Thakore.

The team behind Velor is one of the very few currently exploring use cases for the Bitcoin blockchain. It also invites others in the Web3 developer community to get involved in the Bitcoin ecosystem as well.

“Bitcoin is a powerful, secure platform that requires a nuanced understanding of its capabilities and limitations. We encourage developers to invest with the mindset of innovating within Bitcoin’s unique framework. For those who want to build and explore, We provide support and guidance and are eager to empower builders to contribute to this growing ecosystem,” noted the company’s CEO.