Velar Launches Dot BTC Name Grant for Digital Identity

• Velar’s BTC Name Grant Program encourages DotBTC identity acceptance on Stacks.
• The collaboration with Stacks projects aims to simplify Bitcoin-powered DeFi.

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. The proposal aims to make on-chain interactions easier to execute and reduce manual errors. It also pushes for a unified identity system for Bitcoin users.

The program will be run with the help of more than a dozen partners committed to pushing forward Bitcoin adoption. It has already raised more than 6,000 STX in funding from key contributors such as Arkadiko, Ryder, and Stacks. Customers buying.BTC names through accredited sites BNS ONE and BNS. The market will be entitled to STX refunds through Velar’s bespoke portal, velar.com/returntobtc.

The BTC Name Grant is the latest in a string of successes for Velar, including the Return to Ape campaign, which allowed users to earn Megapont NFTs. They will launch this on January 30, marking an important step toward creating a standardized digital identity within the Stacks ecosystem.

Velar’s BTC Name Grant to Promote DotBTC Adoption

Peter Watson, the Velar chief marketing officer, maintained a positive view on the general success of the initiative, remarking, “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.

Very nice to see this build a global unifying identity for the Stacks community, said Philip de Smedt, Co-founder of StackingDAO.BNS ONE Snazzy underscored the importance of onboarding new users through.BTC registrations when he termed Velar’s effort as 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.”

It 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 received the news well. 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.