Key Points
- Decentralized exchange protocol Velar has introduced the BTC Name Grant Program to enhance the use of “.btc” identities on Stacks.
- Velar is collaborating with industry leaders such as Stacks, Ryder, and Arkadiko to fund the initiative with over 6,000 STX tokens.
Velar, a protocol for decentralized Bitcoin exchange, has initiated the BTC Name Grant Program. The aim of this program is to boost the application of “.btc” identities on the Stacks platform. The program’s goal is to enhance on-chain transactions by reducing errors and making interactions within the Bitcoin ecosystem smoother.
Brand Identity Transformation
Velar has also recently announced a change in its brand identity, aiming to start 2025 with a new image. The platform is now represented by a vibrant blue and orange logo, demonstrating its dedication to innovation and its significant role in the expanding Bitcoin DeFi ecosystem.
Partnerships for the BTC Name Grant Program
Velar is not venturing into the BTC Name Grant Program alone. It has partnered with other key industry players, including Stacks, Ryder, and Arkadiko. Together, they have secured over 6,000 STX, the Stacks network’s native token, to finance this initiative. Participants can obtain their .btc names through approved platforms like BNS ONE and BNS.Market, with STX reimbursements handled through Velar’s dedicated portal.
The BTC Name Grant Program launch is seen as a crucial step towards unifying the Stacks community and boosting its identity within the larger Bitcoin ecosystem. Leaders within the ecosystem have shown enthusiasm for this joint effort.
Peter Watson, Velar’s CMO, highlighted the collaboration within the Stacks ecosystem. He stressed that the combined effort from various protocols and tokens shows a strong dedication to strengthening the community. Philip de Smedt, co-founder of StackingDAO, echoed this sentiment, stating that the Stacks community is welcoming a renewed sense of identity. He noted that this movement wouldn’t be possible without the entire ecosystem’s involvement, including key Stacks protocols.
Snazzy from BNS One expressed excitement about their partnership with Velar, stating that the work Velar is doing to accelerate the adoption of Stacks is truly remarkable.
Technical Infrastructure and Market Performance
BNS ONE and BNS.Market are managing the program’s technical foundation, ensuring that users can easily register and manage their .btc identities.
Velar, which was launched in March 2023, introduced Dharma last year as its Automated Market Maker (AMM) to bring DeFi liquidity to the Bitcoin ecosystem. The initiative was designed to create a decentralized exchange, enabling token pairs to be traded entirely on-chain. The exchange revealed earlier this month that it offers over a hundred trading pairs.
The native token of Velar, VELAR, has increased by more than 6% in the last 24 hours, reaching a market capitalization of $7 million. The token’s trading volume has also grown by more than 13% in the past 24 hours, indicating strong interest in the token. As of the time of writing, VELAR is trading at $0.02985.
