Bitfinex to List VELAR, Native Token of Velar

May 28, 2024 3 min read
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Velar is a DeFi liquidity protocol that leverages the robustness of Bitcoin through a Layer 2 agnostic approach. It operates on the Stacks blockchain and employs the Clarity smart contract language. Through Velar, users can launch and trade tokens on the Bitcoin blockchain while earning rewards by providing liquidity to pools with pool assets. They enjoy the benefits of minimal fees on a secure blockchain. Velar’s multi-chain strategy plays a vital role in accelerating the adoption of DeFi within the Bitcoin ecosystem.

Velar’s native token, VELAR, serves as the platform’s backbone, acting as a key liquidity source and incentivising user participation. Beyond its core function, VELAR offers a wider range of utility within the Velar ecosystem. Users can leverage VELAR for various purposes, including payments for goods and services, active platform engagement, and accessing opportunities such as Initial Dex Offering allocations, liquidity provider rewards, and participation in liquidity protocols offering boosted yields.

“Velar’s unique approach of utilising a multi-chain strategy alongside Bitcoin’s well-established security plays a critical role in accelerating DeFi adoption within the Bitcoin ecosystem. 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.,” said Henry Child, Head of Tokens at 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).

To obtain access to $VELAR on Bitfinex, customers can visit https://www.bitfinex.com/.

*All users of www.bitfinex.com are subject to Bitfinex’s terms of service (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning or operating an Account (as defined in the TOS) on www.bitfinex.com.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

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The post appeared first on Bitfinex blog.

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