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What is Velar (VELAR)?

30 may 2024 6 min read
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DeFi on Bitcoin via Velar and the Stacks Bitcoin Layer Two

Velar is a Decentralised Finance (DeFi) liquidity protocol that aims to harness the strength and security of Bitcoin through a Layer 2 agnostic approach. Utilising the Stacks blockchain and the Clarity smart contract language, Velar seeks to merge Bitcoin’s foundational robustness with the dynamic capabilities of DeFi. As a leader in the Bitcoin DeFi space, Velar is designed to provide a versatile platform that supports a wide range of financial applications, from simple swaps and liquidity pools to more advanced offerings like staking, farming, and an Initial DEX Offering (IDOs) launchpads.

The development of Velar is structured into four strategic phases, each aimed at introducing progressively sophisticated DeFi solutions. The inaugural phase, “ Dharma,” demonstrated the platform’s potential by launching an automated liquidity protocol. This phase included features such as Swap, Liquidity Pools, Staking, Farming, and IDO Launchpad, attracting significant attention and participation with over 150,000 users during its testnet phase. This initial success laid a strong foundation for Velar’s ambitious roadmap.

Building on this foundation, Velar’s next major milestone is the “ Artha” phase, which will introduce the world’s first decentralised perpetuals contract exchange with Bitcoin finality, offering up to 20X leverage. This feature is poised to revolutionise the DeFi community by enabling leveraged trading within Bitcoin’s secure and reliable framework. Velar’s Layer 2 agnostic design ensures future compatibility across various Bitcoin Layer 2 solutions, promising a flexible and scalable platform that can adapt to ongoing advancements in blockchain technology.

Velar’s broader vision is to seamlessly integrate native Bitcoin liquidity with advanced DeFi services, creating a new paradigm in the financial ecosystem. Supported by robust investment backing and strategic alliances with key Bitcoin Layer 2 solutions, Velar is well-positioned to redefine the intersection of Bitcoin and decentralised finance. By offering a comprehensive suite of financial applications, Velar aims to drive innovation, enhance market liquidity, and foster greater adoption of DeFi on Bitcoin, setting the stage for a more inclusive and decentralised financial future.

What is the VELAR Token

The VELAR token is the native utility token of the Velar DeFi liquidity protocol, designed to serve as the backbone of its ecosystem. It plays a crucial role in incentivising participation, providing liquidity, and facilitating various activities within the Velar platform. As a fundamental element of Velar, the VELAR token enables users to engage in a wide range of DeFi operations, ensuring the smooth functioning and growth of the protocol. With a total supply of one billion tokens, VELAR is distributed to support community rewards, treasury reserves, the founding team, advisors, early purchasers, and airdrops.

One of the primary use cases of the VELAR token is to incentivise liquidity providers. Users who lock their assets in Velar’s liquidity pools are rewarded with VELAR tokens, promoting an active and liquid market. This incentivisation mechanism is vital for maintaining the efficiency and attractiveness of the Velar DEX and other DeFi applications. By providing liquidity, users contribute to the platform’s overall functionality and stability, ensuring that there are enough assets available for trading and other activities.

Additionally, the VELAR token is used to access premium features and services within the Velar ecosystem. For instance, users can stake their VELAR tokens to gain various benefits, such as reduced trading fees, early access to new platform features, and participation in exclusive incentivised testnets. Staking VELAR tokens is also a prerequisite for participating in IDO on the Velar Launchpad. Depending on the amount of tokens staked, users receive IDO tickets that allow them to invest in new projects launching on the platform. This staking mechanism helps build a committed and engaged community, rewarding long-term supporters with tangible benefits.

The VELAR token plays a significant role in Velar’s governance model. Token holders have the power to participate in important decision-making processes that shape the future of the platform. Through governance, users can vote on proposals related to protocol upgrades, new feature implementations, and other critical aspects of Velar’s development. This decentralised approach ensures that the platform evolves in a manner that reflects the collective interests of its community, promoting transparency and inclusivity. By involving token holders in governance, Velar fosters a more democratic and user-driven ecosystem, empowering its community to directly influence the direction of the project.

VELAR Tokenomics

How to Buy VELAR on Bitfinex

How to buy VELAR with crypto

1. Log in to your Bitfinex account or sign up to create one.

2. Go to the Deposit page.

3. In the Cryptocurrencies section, choose the crypto you plan to buy VELAR with and generate a deposit address on the Exchange wallet.

4. Send the crypto to the generated deposit address.

5. Once the funds arrive in your wallet, you can trade them for VELAR. Learn how to trade on Bitfinex here.

How to buy VELAR with fiat

1. Log in to your Bitfinex account or sign up to create one.

2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.

3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.

4. Check your Bitfinex registered email for the wire details.

5. Send the funds.

6. Once the funds arrive in your wallet, you can use them to buy VELAR.

Also, we have Bitfinex on mobile, so you can easily buy VELAR currency while on-the-go.

[ AppStore]  [ Google Play]

VELAR Community Channels

Website | X (Twitter) | Telegram | Reddit | Medium

The post appeared first on Bitfinex blog.

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