News Report Technology
March 28, 2024

Bybit Launches VELAR Token on Launchpad, Offers Early Access to Investors

In Brief

Bybit introduced Velar’s native VELAR token on Launchpad, offering investors early access to the token from the emerging project.

Bybit Launches VELAR Token on Launchpad, Offers Early Access to Investors

Cryptocurrency exchange Bybit introduced Velar‘s native VELAR token on Launchpad, offering investors early access to the token from the emerging project. According to the announcement, a snapshot is scheduled to be taken from 12 AM UTC on March 29th to 11:59 PM UTC on April 3rd.

The Bybit Launchpad offering establishes the price at 1 VELAR token for 0.03 USDT. A total of 8,000,000 VELAR tokens are reserved for the sale.

There are two pools available–the MNT Pool with 4,000,000 VELAR tokens with a capitalization of 10,000 VELAR per subscriber or 300 USD and the USDT Lottery with 4,000,000 VELAR tokens with an allocation of 400 VELAR per user or 12 USDT, and 10,000 winning tickets.

Users must maintain a daily average wallet balance of at least 100 USDT to participate in the lottery. Following the conclusion of the lottery period, Bybit will announce the winners. Those selected will have the opportunity to buy VELAR tokens at the price mentioned earlier.

The token distribution is scheduled for April 3rd, 2024, from 11:00 AM to 11:59 AM UTC. Following this, the VELAR-USDT spot pair for the new token will become active on April 3rd, 2024, at 12:00 PM UTC. For participants who have won a lottery ticket, purchasing VELAR tokens will be possible at this time.

Velar Raises $3.5M Funding to Advance Development of Bitcoin-based Derivatives Exchange

Velar operates as a liquidity protocol, providing a range of decentralized finance (DeFi) services on the Bitcoin blockchain through the smart contract-enabled Stacks Layer 2 platform. Utilizing an automated market maker (AMM) liquidity model, Velar facilitates token swaps, liquidity mining, and staking and serves as an Initial DEX Offering (IDO) Launchpad. Moreover, leveraging Stacks’ smart contracts, Velar’s DeFi liquidity services benefit from the consensus mechanism and finality of the Bitcoin Layer 1 network.

The project introduced its beta mainnet in 2023. The Velar ecosystem is powered by Velar’s native token, VELAR, which plays a crucial role in governance.

Recently, Velar raised $3.5 million in a seed funding round, with Black Edge Capital, CMS Holdings, Bitcoin Startup Lab, and several other contributors leading the investment. The funding aims to expedite the development of Velar Artha, the Decentralized Perpetual Derivatives Exchange (PerpDEX) on the Bitcoin network.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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