DeFi
Bitfinex to list VELAR, Velar’s native token
Bitfinex to list VELAR, Velar’s native token
ROAD TOWN, British Virgin Islands – May 28, 2024 – Bitfinex (https://www.bitfinex.com/), a leading digital asset trading platform, today announced that it will list VELAR, the native token of Velar, a multi-featured DeFi liquidity protocol with Bitcoin Finality, according to a Press release.
Velar is a DeFi liquidity protocol that leverages the robustness of Bitcoin through an agnostic layer 2 approach. It runs on the Stacks blockchain and uses 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 pooled assets. They enjoy the benefits of low fees on a secure blockchain. Velar’s multi-chain strategy plays a critical role in accelerating the adoption of DeFi within the Bitcoin ecosystem.
Velar’s native token, VELAR, serves as the backbone of the platform, acting as a key source of liquidity and encouraging user participation. Beyond its core function, VELAR offers a wider range of utilities within the Velar ecosystem. Users can leverage VELAR for a variety of purposes, including payment for goods and services, active engagement on the platform, and access to opportunities such as Dex Offer Initial Allocations, Vendor Rewards, liquidity and participation in liquidity protocols offering enhanced returns.
“Velar’s unique approach of using a multi-chain strategy alongside Bitcoin’s well-established security plays a critical role in accelerating the adoption of DeFi within the Bitcoin ecosystem. This makes it an innovative addition to the cryptocurrency ecosystem as a whole. We are excited to list $VELAR and enable our users to participate in this next wave of DeFi adoption. said Henry Child, Head of Tokens at Bitfinex.
VELAR depots are expected to open around 10:00 UTC on May 28, 2024, subject to network conditions. Trading is expected to begin around 10:00 UTC on May 30, 2024, subject to liquidity requirements being met. VELAR will be tradable for US dollars (VELAR/USD) and Tether tokens (VELAR/USDt).
To access $VELAR on Bitfinex, customers can visit https://www.bitfinex.com/.
*All users of www.bitfinex.com are subject to the Bitfinex 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 owning, 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 industry-leading services to global traders and liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC marketplace, and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unprecedented support, tools and innovation to experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
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