Velar has recently introduced the world’s first decentralized perpetuals exchange that is built natively on Bitcoin. This marks a significant milestone in Bitcoin-based decentralized finance. Velar, a DeFi platform dedicated to developing advanced trading products and user interfaces for Bitcoin-secured assets, launched this innovative product on Stacks, a Bitcoin layer 2 solution. The platform allows users to trade perpetual futures with leverage while maintaining full custody of their assets.
The exchange, accessible at perpdex.velar.com, debuts with a trading pair of sBTC-USDh. USDh, created by Hermetica, is a synthetic dollar specifically designed for Bitcoin DeFi and will be the primary trading pair across the platform. Velar PerpDex leverages the Stacks blockchain’s rapid five-second block times, decentralization, and Bitcoin-backed finality. By offering deep liquidity and robust trading infrastructure in a Bitcoin-native environment, the platform aims to enhance capital efficiency for BTC holders.
Velar CEO, Mithil Thakore, emphasized the significance of launching the first PerpDEX on Bitcoin, stating that it enables traders to access leverage and liquidity without having to leave the Bitcoin ecosystem. The integration with Hermetica’s USDh stablecoin allows for Bitcoin-native perpetual contracts backed by a synthetic, yield-bearing dollar, making perpetual trading accessible to Bitcoin users without the need for wrapped tokens or custodians.
Jakob Schillinger, CEO of Hermetica, expressed the importance of perpetual trading in the crypto market and praised Velar for making it possible on Bitcoin. With the introduction of PerpDex, Velar is establishing itself as a foundational layer for Bitcoin-native financial products, offering BTC holders access to advanced trading tools within the secure Bitcoin ecosystem. This innovative platform opens up new possibilities for Bitcoin users to engage in decentralized finance while retaining control over their assets.
