Panama, 26 September 2024 – Bitcoin trading protocol Velar has announced that it has partnered with stablecoin developer Hermetica to launch a stableswap pool on Stacks. Velar will assist with liquidity provision to power the USDh pool set to be launched on Stacks’ Bitcoin L2.
Hermetica is the creator of USDh, the first Bitcoin-backed, yield-bearing synthetic dollar. It enables Bitcoiners to earn up to 25% APR on their stablecoins without leaving the Bitcoin ecosystem. Hermetica will now bring its USDh to Stacks’ fast-growing DeFi ecosystem with the support of Velar.
Velar’s technology is designed to unlock Bitcoin liquidity and support the launch of assets on Bitcoin L2s. It provides deep liquidity, allowing onchain users to efficiently execute swaps at market rate, even when trading with size. Velar will collaborate with Hermetica to ensure there is optimum liquidity in place for the launch of the USDh stableswap pool.
Hermetica CEO Jakob Schillinger said: “We’re excited to work with the outstanding team at Velar to launch a USDh stableswap pool on Stacks. Finally the Bitcoin community can earn up to 25% yield on their dollars with a Bitcoin-backed stablecoin.”
Velar CEO Mithil Thakor added: “Hermetica’s USDh stablecoin is fast becoming a cornerstone of Bitcoin DeFi, giving Bitcoiners the ability to hold their BTC while using it to mint synthetic dollars and earn yield on their assets. We’re delighted to work with the Hermetica team in creating the first USDh pool on Stacks, utilizing Velar’s advanced liquidity technology.”
Hermetica’s USDh operates as an entirely BTC-backed synthetic dollar: USDh tracks the USD price using BTC coupled with a short perpetual futures position. Holders who stake USDh will receive liquid sUSDh, allowing them to start receiving rewards from funding payments with yield of up to 25%. Its launch on Stacks will expand access to USDh while providing new opportunities for users of the Bitcoin layer-2 network.
About Velar
Velar is building the user interface to access the most secure blockchain ever created. Velar Dharma enables anyone to effortlessly trade their favorite Bitcoin-based tokens with just a few clicks via a user-friendly interface. Velar is laying the groundwork for a new era of Bitcoin-powered financial innovation while unlocking untapped liquidity and empowering users to take control of their digital assets.
Learn more: https://velar.co/
About Hermetica
USDh is the first Bitcoin-backed, yield-bearing synthetic dollar outside the fiat system. Its crypto-native team, who have previous experience at Kraken and State Street, are backed by leading institutional asset manager Two Prime. USDh operates as a stablecoin that is backed by the hardest asset in the world (BTC) that is native to the most secure blockchain in Bitcoin.
Learn more: https://www.hermetica.fi/
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