Posted 2/1/2024, 2:30:00 PM
Crypto Startup Raises $3.5M to Unlock Bitcoin's DeFi Potential with Faster Sidechains
- Crypto startup Velar raised $3.5M to build DeFi tools for Bitcoin using side chains and Layer-2s like Stacks
- Velar plans to launch a perpetual swaps exchange called Artha in Q2 2024 using Stacks' sBTC, a synthetic Bitcoin asset
- sBTC will allow Bitcoin holders to access DeFi without giving up custody of their BTC
- Bitcoin DeFi is currently more theoretical than real, but upgrades like Stacks' 5 second blocks could enable it
- If even a small % of Bitcoin holders participate in DeFi the impact could be massive due to Bitcoin's prevalence