The Bitcoin Decentralized Finance (Defi) liquidity protocol, VELAR, has unveiled the BTC name subsidy program to unite digital identities on the Bitcoin Layer-2 network stacks and to simplify on-chain transactions.
According to a press release shared with cryptopotato, the newest initiative will increase the use of the .BTC digital identity standard in the Bitcoin ecosystem, which significantly reduces manual errors during transactions.
VELAR launches .BTC subsidy program
The BTC name subsidy program was established on January 30 and represents a shared commitment between top stacks projects to promote the infrastructure of the ecosystem and to make it more accessible to new and existing investors. To promote this development, Velar and Stacks work together with about a dozen projects aimed at strengthening the acceptance of Bitcoin.
The partners include crypto-wallet provider Ryder, Bitcoin-decentralized Exchange Bitflow, Bitcoin-based Stablecoin provider Hermetica and Bitcoin Defi-Protocols Alex and Arkadiko. Stackingdao, the entity that offers infrastructure for stacking stacks’ native assets, STX, is also one of the partners. These entities have contributed more than 6,000 STX to encourage users to accept the BTC Digital Identity Standard.
“Alex is proud to be with fellow stacks -protocols and projects to support the ‘Return to .BTC initiative’. From the re -creation of the spirit of Megapont Apes to collecting .BTC, it is clear that United our ecosystem cannot be stopped. Cooperation feeds innovation, and together we build an extraordinary future, driven by Bitcoin. All roads on Bitcoin lead to piles, “said Hadan, head of growth at Alex Lab Foundation.
Unite identities in piles
Bitcoin users can acquire the .BTC names via the approved Bitcoin -Name Service Platforms BNS One and BNS.market. Velar will perform STX allowances to users who claim their .BTC names via this portal.
“We are very happy to work with Velar as part of the Velar Grants initiative, to help thousands of new users register their .BTC names. BNS is often one of the first interactions that new users have when entering the stacks eco system, and the work that Velar does to speed up the acceptance of piles is really remarkable, ”says Snazzy, an executive at BNS One.
Interesting is that the BTC name subsidy program builds on the success of Velar’s Return to Ape campaign, which encouraged users to acquire non-Lager tokens (NFTS) from Megapont. The name program is the first of its kind and is intended to lure users back to the Bitcoin ecosystem.
