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.
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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
