Velar’s V1 Dharma will introduce decentralized exchange (DEX), allowing traders to buy and sell different cryptocurrencies on-chain.
Velar, a crypto liquidity company focused on expanding the Bitcoin (BTC) protocol, has announced the launch of its automated market maker (AMM) called Dharma.
In a shared press release, the company said it aims to expand its ecosystem by bringing decentralized finance (DeFi) liquidity to Bitcoin’s Proof-of-Work (PoW) blockchain. The new product, Dharma, will officially go live on Bitcoin L2 Stacks later today.
Dharma to Offer Traders Financial Tools to Manage Their Assets
The launch of the market maker comes a few weeks after Velar raised $3.5 million from venture capital companies in the industry to roll out a Bitcoin-based perpetual swap exchange.
The crypto liquidity firm also hinted at Dharma at the time, noting that the raised funds would be used to build products and services to increase its presence in the industry.
Velar said the AMM platform comes equipped with tools that will enhance the capabilities of the Bitcoin chain. It will also set a precedent for decentralized finance applications operating within the Bitcoin blockchain, laying a foundation for applications and services within the DeFi sector to thrive on the protocol.
The company is optimistic about the potential of DeFi growth on Bitcoin, estimating it could unlock $1 trillion in dormant capital. This growth would offer users opportunities to earn rewards by providing liquidity or engaging in activities like lending, staking, and yield farming.
With Dharma, users can retain their assets while exploring the various opportunities within the decentralized finance sector.
The platform will provide users with advanced financial tools for liquidity provision, trading, and asset management.
A New Movement
Velar’s V1 Dharma will introduce decentralized exchange (DEX), allowing traders to buy and sell different cryptocurrencies on-chain.
Dharma will initially offer users the opportunity to trade only two token pairs. However, Velar said more digital currencies will be added to the platform in the future. The two crypto pairs available for trading are STX-ABTC and STX-AEUSDC.
Velar’s CEO Mithil Thakore described the launch of Dharma as “more than just a new milestone for the company”, noting that the product highlights the firm’s commitment to providing solutions to revolutionize the entire DeFi ecosystem.
He further stated that the company is leading the way towards a new era of financial freedom.
“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,” he said.
next