Road Town, British Virgin Islands – May 28, 2024: In a move that signifies the growing convergence of DeFi and established blockchains, leading digital asset trading platform Bitfinex https://www.bitfinex.com/ announced today the listing of VELAR, the native token of Velar.
Velar is a multi-feature DeFi liquidity protocol built with “Bitcoin Finality,” aiming to bring the security and trust of Bitcoin to the DeFi space.
What is Velar?
Velar is a DeFi protocol that stands out for its unique approach. Here’s a breakdown of its key features:
- Leverages Bitcoin’s Security: Velar operates on the Stacks blockchain, a Layer 1 blockchain secured by the Bitcoin network. This provides a strong foundation for trust and immutability for DeFi transactions.
- Layer 2 Agnostic: Velar is not limited to a single Layer 2 solution, offering flexibility and future-proofing for the evolving DeFi landscape.
- Clarity Smart Contracts: Velar utilizes the Clarity smart contract language, known for its readability and auditability, promoting transparency and security.
- User-Friendly Features: The platform allows users to launch and trade tokens on the Bitcoin blockchain while simultaneously earning rewards through liquidity pools. Additionally, it boasts minimal fees, a major advantage for cost-conscious DeFi users.
- Multi-Chain Strategy: Velar’s ability to operate across multiple chains is a significant factor in driving DeFi adoption within the Bitcoin ecosystem.
VELAR Token Utility
VELAR, the native token of the Velar protocol, serves several crucial functions:
- Liquidity Backbone: VELAR acts as a key source of liquidity for the Velar ecosystem, ensuring smooth operation of the platform.
- Incentivizing Participation: By holding VELAR, users are incentivized to actively participate in the Velar ecosystem, fostering a healthy and engaged community.
- Utility Beyond Core Function: VELAR offers a wider range of utility within the Velar ecosystem. Users can leverage it for:
- Payments for goods and services
- Active platform engagement
- Accessing exclusive opportunities like Initial DEX Offerings (IDOs)
- Earning rewards through liquidity provision
- Participating in liquidity protocols with boosted yields
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Bitfinex Embraces DeFi Innovation
“Velar’s unique approach of utilizing a multi-chain strategy alongside Bitcoin’s well-established security plays a critical role in accelerating DeFi adoption within the Bitcoin ecosystem,” said Henry Child, Head of Tokens at Bitfinex. “This makes it an innovative addition to the cryptocurrency ecosystem as a whole. We’re excited to list $VELAR and empower our users to participate in this next wave of DeFi adoption.”
Trading VELAR on Bitfinex
- Deposits of VELAR are anticipated to open at approximately 10:00 AM UTC on May 28, 2024, subject to network conditions.
- Trading is planned to commence at approximately 10:00 AM UTC on May 30, 2024, contingent upon liquidity requirements being met.
- VELAR will be tradable against US Dollars (VELAR/USD) and Tether tokens (VELAR/USDt).
Important Notice
- All users of Bitfinex are subject to the platform’s terms of service (TOS). U.S. persons and other prohibited persons (as defined in the TOS) are strictly prohibited from using Bitfinex’s services.
About Bitfinex
Founded in 2012, Bitfinex is a leading digital asset trading platform offering advanced features and services for traders and global liquidity providers. In addition to a comprehensive suite of trading tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide variety of digital tokens.
Learn More
- Visit the Bitfinex website: https://www.bitfinex.com/
- Access Bitfinex press materials and logos: https://www.bitfinex.com/
