Velar Protocol's Trailblazing Journey - DeFi on Bitcoin Part 1

As you know, we here at Flagship are committed to keeping our community ahead of the curve. So while the bulk of the market is focused on ordinals, or trying to figure out the next meme coin, today we will be discussing the next big narrative headed your way: DeFi on Bitcoin.

While I’m willing to bet that you have almost certainly heard about ALEX, I am as certain that you haven’t heard about the DeFi projects that I will be covering in this next series of articles. The first of which you’re reading now. It’s time to learn about Velar (website).

Velar: The Vision

The underlying foundation of Velar is built upon the idea that Bitcoin is the “mother of all blockchains”. I learned this from the pre-article interview that I conducted with Velar’s founder, Mr. Mithil Thakore. Mithil, AKA Rainfire.btc is an established founder in crypto, with over seven years of experience in the space.

Mithil shares a commonality with many of the other founders I have met and interviewed within the Stacks ecosystem. He understands the power of smart contracts, in addition to the power of Bitcoin’s proof of work consensus mechanism. When he decided to make Velar, the choice to do so on Bitcoin was an easy one for him to make.

Mithil’s mission is nothing less than the creation of a decentralized financial infrastructure that will help construct a truly decentralized financial system open to everyone. A goal of this magnitude has to start somewhere, and with Velar it starts with a multi feature DeFi platform with Bitcoin finality.

Step 1: Codename Dharma

A project of this size and scope requires gradual implementation, and in Velar’s case there are 4 versions of Velar to be released:

• Velar v1: Dharma
• Velar v2: Artha
• Velar v3: Kama
• Velar v4: Moksha

Velar Dharma is currently in testnet, and consists of a Uniswap inspired DEX coded in Clarity. In addition to the automated liquidity protocol this iteration of Velar includes the farming/staking/trading platform that DeFi pro’s are familiar with. Velar Dharma also features an IDO launchpad that will provide the infrastructure for new teams to fundraise their own blockchain based projects.

Velar v2: Artha

In the Artha release governance will be introduced to the Velar protocol via the Velar token. Holders of the Velar token will be able to participate in the decisions that help guide the protocol into the future. In addition to the decentralized governance coming to Velar the release of Artha will also include a cross chain bridge as well as a perpetual derivatives exchange that will allow users to trade Bitcoin with up to 20x leverage.

The scope of the Velar Kama and Moksha releases will be disclosed at a future time.

The Velar Token

The Velar token, $VELAR will be the backbone of the Velar platform. In addition to being the currency of the protocol, the $VELAR token will be rewarded to liquidity providers, used in protocol governance, provide for boosted farm yields, and provide for boosted IDO allocations.

There will be a total of one-billion $VELAR max supply and it will be distributed in the following manner:

• $VELAR distribution community rewards 35%
• Treasury 20%
• Founders and Team 20%
• Advisors 5%
• Investors 15%
• Airdrop 5%

The Velar treasury will be locked transparently, with a gradual vesting schedule that will allow for the further growth and development of the Velar protocol.

Closing Thoughts

As we journey into this new era of DeFi on Bitcoin, it's clear that projects like Velar Protocol are leading the charge. The vision of Velar, as communicated by its founder, Mithil Thakore, shows a commitment to making Bitcoin the foundation for a truly decentralized financial system. Through its multi-version plan, Velar aims to provide a comprehensive DeFi platform that evolves with the needs and interests of its users.

The road ahead is not without its challenges. The DeFi landscape is highly competitive and rapidly changing. However, with its experienced leadership, robust roadmap, and a commitment to transparency and decentralization, Velar is well-positioned to make a significant impact in the space.

In closing, Velar stands as a testament to the power and potential of DeFi on Bitcoin. Its vision for a decentralized financial system open to everyone is both ambitious and inspiring. As we look forward to the upcoming releases of Velar Artha, Kama, and Moksha, we can't help but feel excited about the future of DeFi on Bitcoin.

I encourage all of you to follow Mithil on Twitter, Velar on Twitter, and more importantly to help test this protocol in preparation for mainnet (did I mention that Mithil has some incentives lined up for testers?)

Thank you so much for reading. Stay tuned for the next part of the DeFi on Bitcoin series brought to you by Flagship. Captain Jack signing off.