Velar introduces a bitcoin DEX that supports Yield/Vault and Liquidity features for holders of BTC.

Velar has unveiled the first Bitcoin perpetual swaps DEX in beta to improve utility for the world’s first cryptocurrency. The new Velar Artha perpetual swaps DEX now trades on BOB (Build on Bitcoin), starting from September 16, as confirmed by the company’s official announcement made to Cointelegraph.

This could free up massive amounts of Bitcoin (BTC) for the ecosystem, Velar’s co-founder and CEO Mithil Thakore told CoinDesk. Thakore stated:

“This enables retail and institutional BTC holders to directly earn yield on native bitcoin via liquidity or trading, thus, bringing DeFi directly to Bitcoin, without having to wrap or bridge, potentially, thereby applying use-case expansion to the asset. ”

Velar is following the trend of businesses integrating Bitcoin DeFi or BTCFi, the functionality of decentralized financial applications on Bitcoin’s fundamental base layer.

That’s why Bitcoin might take on the dominant role on DeFi scene in the following five years. Thakore suggested:

“The first-mover advantage Ethereum has in DeFi will eventually erode as users and developers realize that bitcoin is the real decentralized money that has zero counterparty risk and remains the only digital asset capable of drawing a new wave of usage and investment into a Bitcoin DeFi ecosystem.

He went on further by suggesting that the further evolution of BTCFi could help cement the position of Bitcoin as the definitive platform for DeFi.

Today alone, more than a hundred of projects in the Bitcoin Layer 2 (L2) are in the pipeline. Stacks, for example, is one of these L2 networks essential for widening Bitcoin’s application since the mainnet is not designed for smart contracts. Thakore explained:

“We are already seeing over 100 Bitcoin Layer 2 solutions in the making and these are set to transform the Bitcoin ecosystem With smart contract functionality on Bitcoin Layer 2 solutions, They will soon be more advanced than Ethereum while preserving all merits associated with the original Bitcoin. ”

This prediction comes after Binance Labs launched BTCz token alongside Zest Protocol, a Babylon Protocol where Bitcoin holders can stake their BTC and earn a staking yield.

By including relevant keywords and linking to related articles, the rewritten content aims to provide comprehensive information while enhancing search engine optimization for CryptoTelegraphs.

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates