Velar’s new initiative aims to improve Bitcoin interactions, partnering with Stacks and other leaders to enhance user identity management.
Velar, a decentralized exchange protocol for Bitcoin, has rolled out the BTC Name Grant Program to support the use of “.btc” identities on Stacks. This program seeks to improve on-chain transactions by minimizing errors and making interactions more seamless across the Bitcoin ecosystem.
The exchange protocol also recently announced the transformation of its brand identity to kickstart 2025. The platform is introducing a striking blue and orange logo, reflecting its commitment to innovation and its role in Bitcoin’s expanding DeFi ecosystem.
Velar Partners with Key Industry Players to Fuel the BTC Name Grant Program
According to the released statement, Velar is not embarking on its BTC Name Grant Program alone, having joined forces with other industry leaders, including Stacks, Ryder, and Arkadiko. Together, they have secured over 6,000 STX, the native token of the Stacks network, to fund this initiative. Participants can acquire their .btc names through approved platforms like BNS ONE and BNS.Market, with STX reimbursements processed through Velar’s dedicated portal.
The launch of the BTC Name Grant Program is seen as a vital step toward unifying the Stacks community and enhancing its identity within the larger Bitcoin ecosystem. Leaders within the ecosystem have expressed enthusiasm for this collaborative effort.
Peter Watson, CMO of Velar, remarked on the collaboration within the Stacks ecosystem, emphasizing that the collective effort from various protocols and tokens reflects a strong commitment to strengthening the community. Similarly, Philip de Smedt, co-founder of StackingDAO, stated that the Stacks community is embracing a renewed sense of identity, starting with the Return to Megapont Apes NFT initiative and now the “Return to .BTC.” He emphasized that this movement wouldn’t be possible without the involvement of the entire ecosystem, including key Stacks protocols.
Snazzy from BNS One expressed excitement about their partnership with Velar, saying:
“We’re thrilled to be partnered with Velar as part of the Velar Grants initiative, to help onboard thousands of new users for registration of their .btc names. BNS is often one of the first interactions new users have when entering the Stacks ecosystem, and the work that Velar is doing to accelerate the adoption of Stacks is truly remarkable.”
Technical Infrastructure and Market Performance
The technical foundation for the program is being managed by BNS ONE and BNS.Market, ensuring that users can easily register and manage their .btc identities.
Velar, which launched in March 2023, introduced Dharma last year as its Automated Market Maker (AMM) to bring DeFi liquidity to the Bitcoin ecosystem. The initiative was designed to create a decentralized exchange, enabling token pairs to be traded entirely on-chain. The exchange revealed earlier this month that it offers over a hundred trading pairs.
Velar’s native token, VELAR, is up by more than 6% in the last 24 hours with a market capitalization of $7 million. The token’s trading volume has also increased by more than 13% in the past 24 hours, indicating strong interest in the token. VELAR is trading at $0.02985 at the time of writing.
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