Velar, a decentralized finance platform for Bitcoin, has partnered with Built on Bitcoin (BOB) to launch Velar Artha, the world's pioneering Perpetual Decentralized Exchange (PerpDex) on Bitlayer's EVM-compatible Bitcoin Layer 2. This collaboration, aimed at expediting the PerpDex's launch, focuses on establishing a strong technical base for the project.

The innovative Velar Artha is set to revolutionize decentralized exchanges within the Bitcoin ecosystem by combining Bitcoin's security features with the developer-friendly environment of Ethereum Virtual Machine (EVM) compatibility. This decentralized exchange will make its debut on Bitlayer, a Bitcoin Layer 2 network that supports EVM.

As a key strategic partner, BOB will oversee the security, decentralization, and user experience aspects of the platform. By utilizing their advanced developer tools, analytics, wallets, and blockchain infrastructure, BOB will facilitate the development and mainnet launch of Velar Artha.

Mithil Thakore, the CEO of Velar, highlighted the importance of this partnership, emphasizing the mutual trust and shared vision between Velar and BOB. The collaboration signifies a significant step towards advancing Bitcoin DeFi and providing value to the Bitcoin community.

Velar Artha will enable Bitcoin users to engage in perpetual swaps for various assets, including BTC, and to open leveraged long and short positions. This model is expected to drive further integrations and unlock dormant capital within the Bitcoin ecosystem, fostering innovation in DeFi.

Alexei Zamyatin, co-founder of BOB, expressed excitement about Velar's progress and the upcoming launch on BOB. Recognizing Velar as a promising player in the Bitcoin DeFi space, BOB looks forward to enhancing user growth and Total Value Locked (TVL) within its DeFi ecosystem through this partnership.

BOB's hybrid Layer 2 solution combines Bitcoin's security with Ethereum's flexibility, enabling developers familiar with EVM to swiftly start building on Bitcoin. This approach significantly reduces time to market, providing developers with a tailored Bitcoin developer suite for efficient development and deployment.