Velar Introduces BTC Name Grant to Promote DotBTC Adoption

The decentralized exchange protocol Bitcoin Velar has introduced a new BTC Name Grant Program said to be intended to popularize the “.btc” digital identity standard across the Stacks ecosystem.

Bitcoin Velar, a decentralized exchange protocol, has announced the launch of the BTC Name Grant Program, an initiative aimed at promoting the “.btc” digital identity standard across the Stacks ecosystem. The program is designed to enhance on-chain interactions, minimize manual errors, and foster a unified identity system for Bitcoin users.

In collaboration with over a dozen partners dedicated to driving Bitcoin adoption, the program has secured more than 6,000 STX in funding from key contributors. The initiative will enable customers purchasing .btc names through accredited sites BNS ONE and BNS. The market to be eligible for STX refunds through Velar’s custom portal at velar.com/returntobtc.

The BTC Name Grant marks a significant step in a series of successes for Velar, including the Return to Ape campaign, which granted users the opportunity to earn Megapont NFTs. As they prepare to launch this on January 30, they aim to create a standardized digital identity within the Stacks ecosystem.

Velar’s BTC Name Grant to Promote DotBTC Adoption

Peter Watson, Velar’s chief marketing officer, expressed optimism about the initiative’s overall success, stating, “It is inspiring to see all the protocols and tokens across the Stacks ecosystem unite for this effort. It speaks so loudly about our collective will to lift and support the entire community as a whole.”

Philip de Smedt, Co-founder of StackingDAO, BNS ONE Snazzy highlighted the importance of onboarding new users through .btc registrations when he remarked, “This effort by Velar is a huge step towards mainstream adoption.”

Head of Growth at ALEX Lab Foundation, Hadan says, “Collaboration is innovation. With the Stacks ecosystem, they are building an extraordinary future powered by Bitcoin.” “Everything comes back to Bitcoin,” added Ryder CEO Louise Ivan. “Excited to see the Stacks community rally behind initiatives to make Bitcoin more fun, and exciting, and give the builder culture it needs.”

This is the first such BTC Name Grant, hosted on Stacks’ Bitcoin Layer 2. Stacks and Ryder have led the funding, each pledging 1,000 STX. Velar, Bitflow, StackingDAO, ALEX, Arkadiko, Hermetica, and Leather Wallet have further complemented the funding with 500 STX. Zero Authority, Flat Earth, Leo, and ROO have contributed 250 STX. Technical support for this activity is coming from BNS ONE and BNS.Market.

The market reacted positively to the news. The native token VELAR for Velar had increased by over 6% in the last 24 hours and has a market capitalization of $7 million. Trading volume also increased by over 13%, which indicates an increase in interest from investors. So far, as of writing, VELAR is trading at $0.03067.

This program from Velar and their partners hopes for an augmented and more connected ecosystem. The vision here is towards the incentivized widespread adoption of .btc names, which subsequently strengthens Bitcoin in decentralized identity solutions.