Velar set to launch VELAR Token via IEO on Bybit

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Written on Mar 27, 2024

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Velar to launch native token VELAR via IEO on Bybit.
Bybit's status as a top-tier exchange platform to bolster VELAR's growth and adoption globally.
Velar eyes Bitcoin's $1 trillion dormant capital with VELAR launch on Bybit.

Velar is set to introduce its native token, VELAR, through an Initial Exchange Offering (IEO) on crypto exchange Bybit.

The Bitcoin liquidity protocol revealed in an announcement on Wednesday that VELAR is slated to debut on Bybit on April 3, coinciding with its Initial DEX offering.

The alignment of VELAR with a top-tier crypto platform mirrors the project’s roadmap aimed at expediting its growth and adoption globally.

Velar’s launch set to boost liquidity in Bitcoin DeFi landscape

Described as a significant milestone for the DeFi ecosystem on Bitcoin, Velar’s launch is anticipated to enhance liquidity and utility within the Bitcoin DeFi landscape, as per a news release shared with CoinJournal.

Bybit’s stature as one of the world’s leading spot and derivatives exchange platforms is expected to play a pivotal role in this endeavor, highlighted in the platform’s announcement.

Velar Co-founder & CEO Mithil Thakore.

“As we prepare to go live on Bybit, one of the world’s top 3 crypto exchanges, with the listing of $VELAR token on April 3rd, we recognize the significance of this moment for the entire Bitcoin ecosystem. This marks a pivotal juncture where we’ll witness firsthand the interest and adoption of Bitcoin ecosystem projects on a global scale. It’s not just about our project; it’s about paving the way for countless others.”

Velar sees immense potential for Bitcoin

With Ethereum boasting over $50 billion in liquidity locked across DeFi protocols, Velar sees immense potential for Bitcoin, offering an opportunity to tap into more than $1 trillion in dormant BTC capital.

This outlook positions Bitcoin holders to leverage the opportunities, including yields, presented by the smart contracts industry.

VELAR’s listing on Bybit follows the successful launch of Dharma, an automated market maker (AMM) and decentralized exchange (DEX) by Velar.

The platform has already attracted over 150k users, granting access to features such as token swaps, liquidity pools, staking, and yield farming.