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Velar collaborates with Build on Bitcoin for PerpDex launch

By:
on May 21, 2024
Updated: May 23, 2024
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  • BOB will provide technical support to optimize the development and mainnet launch of Velar Artha.
  • Velar Artha will be the first PerpDex within the Bitcoin ecosystem.
  • BOB operates a hybrid L2 that combines Bitcoin's security with Ethereum's versatility.

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Pioneering Bitcoin DeFi developer Velar has announced a partnership with Build on Bitcoin (BOB) to support the launch of Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.

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Technical support and mainnet launch

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BOB will provide technical support to optimize the development and mainnet launch of Velar Artha, leveraging its advanced developer tooling, analytics, wallets, and blockchain infrastructure.

This collaboration aims to accelerate the launch of the PerpDex, ensuring a robust technical foundation.

Innovative decentralized exchange

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Velar Artha will be the first PerpDex within the Bitcoin ecosystem, combining Bitcoin’s security with the developer-friendly tooling of EVM compatibility.

The exchange will go live on Bitlayer, Bitcoin’s EVM-compatible Layer 2. BOB, as a strategic partner, will play a crucial role in overseeing the security, decentralization, and UI/UX of Artha’s deployment.

Statements from Velar and BOB leadership

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Velar CEO Mithil Thakore stated,

“Collaborating with BOB for the launch of Velar Artha PerpDex marks a pivotal moment for us. Being one of their initial projects, the first PerpDex underscores the mutual trust and shared vision between Velar and BOB. We’re excited to pioneer this journey together, pushing the boundaries of Bitcoin DeFi and delivering value to the Bitcoin community.”

Alexei Zamyatin, co-founder of BOB, added,

“We are excited to see Velar’s progress to launch on BOB. The Velar team is one of the high-potential Bitcoin DeFi builders in the space, and we look forward to working with them on boosting their user and TVL growth as part of BOB’s DeFi ecosystem.”

Unlocking DeFi potential on Bitcoin

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BOB operates a hybrid L2 that combines Bitcoin’s security with Ethereum’s versatility, enabling developers to build on Bitcoin instantly using EVM.

This partnership will help projects reduce time to market and take advantage of a specialized Bitcoin developer suite.

Velar Artha will allow Bitcoin users to make perpetual swaps for assets including BTC and open leveraged long and short positions, introducing a vital DeFi building block to the Bitcoin ecosystem and supporting further integrations.

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