Velar is a DeFi liquidity protocol that enhances Bitcoin's functionality via a Layer 2 agnostic approach, operating on the Stacks blockchain and using the Clarity smart contract language. Velar allows users to launch and trade tokens on the Bitcoin blockchain and earn rewards by providing liquidity to pools, all with minimal fees on a secure blockchain. Its multi-chain strategy is crucial for advancing DeFi adoption within the Bitcoin ecosystem.

The native token, VELAR, is essential for the platform, providing liquidity and incentivizing participation. VELAR can be used for various purposes within the Velar ecosystem, including payments, platform engagement, and accessing Initial Dex Offering allocations, liquidity provider rewards, and enhanced yields in liquidity protocols.

Henry Child, Head of Tokens at Bitfinex, stated, “Velar’s innovative multi-chain strategy and Bitcoin's security are pivotal for DeFi adoption within the Bitcoin ecosystem. We’re excited to list $VELAR and empower our users to join this new wave of DeFi adoption.”

Deposits for VELAR are expected to open around 10:00 AM UTC on May 28, 2024, subject to network conditions. Trading is set to begin at 10:00 AM UTC on May 30, 2024, pending liquidity requirements. VELAR will be tradable against US Dollars (VELAR/USD) and Tether tokens (VELAR/USDt).