Velar Unveils v1 Dharma Testnet, Amplifying Bitcoin's DeFi Capabilities
Velar, a DeFi liquidity protocol built on Bitcoin, recently declared the live status of its v1 Dharma Testnet. This development provides an opportunity for participants to experience the potential of Velar and contribute constructive feedback to enhance the protocol.
Users are invited to follow a six-step process outlined in a dedicated blog post. In so doing, they will gain access to testnet tokens, earn rewards, and become eligible to claim VELAR tokens at the Token Generation Event. The process covers everything from Bitcoin wallet setup and network configuration to the necessary steps to claim your testnet tokens and partake in the pool's fees.
Velar differentiates itself by building on top of the Stacks smart contract layer solution, enabling seamless integration with the Bitcoin blockchain. This approach combines the robust security and transaction finality of Bitcoin with the scalability and high transaction throughput offered by Layer 2 solutions like Stacks.
Velar aims to provide a comprehensive DeFi protocol to the Bitcoin ecosystem, integrating a range of DeFi features including a decentralized exchange (DEX), liquidity pools, yield farming solutions, staking infrastructure, and a launchpad.
Leveraging the smart contract capabilities of the Stacks platform, Velar will gradually incorporate additional features in line with its roadmap. Notably, the protocol aims to integrate privacy measures through a decentralized identity solution while prioritizing a user-friendly interface and experience.
Furthemore, Velar intends to support numerous cryptocurrencies and traditional fiat currencies, allowing users diverse transaction options.
The ultimate mission of Velar is to establish a decentralized financial ecosystem using Bitcoin as its foundation. By eliminating intermediaries and granting users complete control over their assets and identity, Velar seeks to provide a secure, scalable, and accessible financial system.
According to the project’s website, the Velar team consists of highly experienced professionals who have previously worked in various capacities within the crypto industry, including crypto exchanges, quant hedge funds, smart contract auditing platforms, and enterprise blockchain businesses. The identities behind the team members are anonymous as of the time of this writing.