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On Tuesday, the <a href="https://xpertsstudio.com/bitcoin-ready-for-next-leg-up-top-trader-says/” title=”Bitcoin Ready for Next Leg Up, Top Trader Says”>bitcoin liquidity protocol Velar unveiled Dharma, an automated market maker (AMM) designed to enhance decentralized finance liquidity within the Bitcoin realm. The inaugural version of Velar’s Dharma is set to function on the Bitcoin layer two (L2) Stacks, featuring an initial pairing of two tokens.
WRITTEN BYJamie Redman
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Published:Mar 19, 2024, 1:10 PM EDT
Velar’s Strategy to Elevate Bitcoin Within the Decentralized Finance Realm
The decentralized finance (defi) liquidity protocol Velar has introduced its automated market maker (AMM) named Dharma. This initial release of Dharma integrates decentralized exchange (dex) features, enabling users to execute swaps directly on the blockchain. Velar disclosed to Bitcoin.com News that Dharma would function on the L2 Stacks network, initially supporting two token pairings.
The defi project’s core team revealed that trading would commence with the STX-ABTC and STX-AEUSDC pairs, with plans to expand the selection by adding more pairs in the future. The Bitcoin network has been steadily moving up the ladder in the world of defi. Based on statistics from defillama.com, Bitcoin holds the sixth highest position in terms of value locked across a wide array of blockchain networks.
Velar clarified that by utilizing the built-in security features of the Bitcoin network, the Dharma AMM offers a foundation for defi activities. “By offering users the opportunity to leverage the power of their assets in a secure, non-custodial environment, we’re paving the way for a new era of financial freedom,” Velar CEO Mithil Thakore explained to Bitcoin.com News on Tuesday. “Today, we’re not just launching a product; we’re launching a movement—one that will shape the future of decentralized finance on Bitcoin.”
What do you think about Velar launching its AMM Dharma? Share your thoughts and opinions about this subject in the comments section below.
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Source: news.bitcoin.com