BusinessWire India
New Delhi [India], March 23: Bitcoin liquidity protocol Velar has announced the launch of Dharma, its Automated Market Maker (AMM), to bring DeFi liquidity to the Bitcoin ecosystem. Made live on Bitcoin L2 Stacks on March 19th, Dharma expands the DeFi capabilities of the Bitcoin network.
The launch deepens liquidity within the burgeoning Bitcoin ecosystem and unlocks new DeFi capabilities. Velar's V1 Dharma has introduced decentralised exchange, allowing token pairs to be traded fully on chain.
Dharma provides users with advanced financial tools for liquidity provision, trading, and asset management. Two token pairs are supported upon launch with additional tokens added on consecutive days. STX-ABTC and STX-AEUSDC are initially available for trading before being complemented by the introduction of further pairs.
By leveraging the inherent security of the Bitcoin network, Velar's Dharma AMM provides a reliable and user-friendly platform for decentralised finance operations. Its launch has set a new standard for how DeFi can operate on Bitcoin and provides a foundation for DeFi applications and services to flourish.
Elated on the launch, Velar CEO Mithil Thakore said, "Celebrating the launch of our Dharma AMM main net is more than just a milestone it's a testament to Velar's commitment to revolutionising the DeFi landscape. With this innovative platform, we're not just embracing change; we're driving it. By offering users the opportunity to leverage the power of their assets in a secure, non-custodial environment, we're paving the way for a new era of financial freedom. Today, we're not just launching a product; we're launching a movement one that will shape the future of decentralised finance on Bitcoin."
The growth of DeFi on Bitcoin has the potential to unlock $1 trillion in dormant capital and provide new ways to earn rewards for providing liquidity and participate in lending, borrowing, staking, and yield farming.
With Dharma, users can retain self-custody of their assets while exploring the many possibilities available within the world of decentralised finance.
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