Velar's integration of Portal Swaps will bring seamless staking and multiplied trading liquidity for the $VELAR token via native assets.
SAN FRANCISCO, March 14, 2024 /PRNewswire-PRWeb/ -- Velar, a provider of a Bitcoin-based perpetual exchange and a suite of powerful DeFi tools and products for Bitcoin and perpetuals trading, today announced a new strategic integration with Portal's decentralized exchange (DEX) network, the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. The new integration will bring seamless staking and multiplied trading liquidity for the $VELAR token via native assets like BTC, ETH and others.
"The integration of the Portal Swap SDK into the Velar platform is a pivotal step towards enhancing accessibility and redefining perpetuals trading on the Bitcoin network," said Mithil Thakore, co-founder and CEO at Velar. "This integration will enable users to purchase $VELAR using various assets, including native Bitcoin and BRC20 tokens, as well as native tokens from other blockchains, like Ethereum and ETH L2s. By leveraging Portal's bridgeless Atomic Swaps technology, we're eliminating the risk and extra costs of bridging. We're excited to provide users of our platform with greater ease of use and flexibility in engaging with Velar Protocol from diverse assets."
Perpetuals trading in Bitcoin refers to a type of futures contract that does not have an expiration date, allowing traders to hold positions indefinitely. These contracts, known as perpetual futures or perpetual swaps, are an important tool for hedging and speculative strategies, enabling traders to short sell and profit from price declines. Perpetuals contracts are among the most liquid in the cryptocurrency space, allowing traders to enter and exit positions easily without significantly impacting the market price.
The Portal Swap SDK integration into the Velar Protocol will empower users to partake in cross-chain trading and staking. Traders will be able to seamlessly transition from assets on different blockchain networks, including Bitcoin, to actively participate in perpetuals trading on Velar. To enhance flexibility, Velar Protocol will also utilize Portal Swap SDK to facilitate collateral deposits in various assets. Whether it's STX, sBTC, stablecoins or other assets, users will be able deposit collateral in the required form, starting from different chains and Bitcoin. This innovation will ensure users have a plethora of options for collateral, further enhancing the versatility of perpetuals trading on Velar Protocol.
Portal, in turn, will introduce native support for $VELAR within its DEX network and Portal Swap SDK to provide users with the capability to effortlessly trade, stake and leverage $VELAR directly on the Portal DEX. The move aims to enhance the overall user experience while fostering a collaborative ecosystem as the Portal Swap SDK integration will enable other network partners to seamlessly support $VELAR.
"Velar's commitment to innovation aligns seamlessly with our vision for decentralized trading," said Chandra Duggirala, co-founder and CEO of Portal. "This integration envisions a future where users can effortlessly trade, stake and engage with $VELAR, irrespective of the blockchain network or assets they hold. It opens new all-new possibilities for users and supports a diverse and interconnected perpetuals trading ecosystem."
About Portal
Established by seasoned Bitcoin and AI engineers, Portal is dedicated to promoting financial self-sovereignty. The Portal DEX Network utilizes atomic swaps technology to be the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. Built on Bitcoin, it rivals the efficiency of centralized exchanges while removing the risks of bridges, wrappers and CEXs. A pioneer and an advocate for free and unfettered markets, Portal was founded in 2019 in the San Francisco Bay Area. Portal is backed by Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io and many other prominent fintech/crypto investors. For more information, visit https://portaldefi.com.
About Velar
Velar is on a mission to unlock Bitcoin's true potential by developing a suite of powerful tools and products for DeFi. Fresh off its successful $3.5M pre-seed round from Kyros Ventures, Cypher Capital, Trust Machines, Transform Capital, Banter Capital, CMS, GBV, Mapleblock, and other prominent Web3 funds, Velar is poised to redefine the perpetuals trading landscape on the Bitcoin network. Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unrivaled security. Learn more: https://www.velar.co.
Media Contact
Michael Tebo, Gabriel Marketing Group, 571-835-8775, [email protected]
SOURCE Gabriel Marketing Group
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