Velar, a decentralized exchange (DEX) platform, has partnered with Bitlayer, a Bitcoin layer-2 network, to support the launch of Velar Artha, a Bitcoin-based perpetual decentralized exchange (Perp DEX).

The partnership enables Velar to leverage BitVM, Bitlayer's Ethereum Virtual Machine-compatible blockchain infrastructure, as a foundation for Artha’s smart contracts on the Bitcoin blockchain. Moreover, the protocol plans to integrate Bitlayer’s dual-channel cross-chain bridge to allow users to access DeFi applications securely.

Analyst Quicktake : Velar has been making significant strides in the development of its flagship perpetual exchange platform, Artha, since it secured USD 3.5 million in new funding in February. These include partnerships with Stacks to launch Dharma , a Bitcoin-based automated market-making (AMM) protocol, and Portal to enable staking and increased trading liquidity for its native VELAR token. This partnership represents a significant step in Artha's development roadmap, scheduled to be launched to the public in Q2 2024.