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The Bitcoin decentralized finance (DeFi) liquidity protocol, Velar, has unveiled the BTC Name Grant Program to unify digital identities on the Bitcoin layer-2 network Stacks and simplify on-chain transactions.
According to a press release shared with CryptoPotato, the latest initiative will boost the use of the .BTC digital identity standard in the Bitcoin ecosystem, significantly reducing manual errors during transactions.
Velar Launches .BTC Grant Program
Set to launch on January 30, the BTC Name Grant Program represents a shared commitment among top Stacks projects to advance the ecosystem’s infrastructure and make it more accessible to new and existing investors. To foster this development, Velar and Stacks have partnered with roughly a dozen projects focused on strengthening Bitcoin adoption.
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 provides infrastructure for Stacking Stacks’ native asset, STX, is also one of the partners. These entities have contributed more than 6,000 STX to incentivize users to adopt the BTC digital identity standard.
“ALEX is proud to stand with fellow Stacks protocols and projects in support of the ‘Return to .BTC initiative. From reigniting the spirit of Megapont Apes to rallying around .BTC, it’s clear that united our ecosystem is unstoppable. Collaboration fuels innovation, and together, we’re building an extraordinary future powered by Bitcoin. All roads on Bitcoin lead to Stacks,” said Hadan, Head of Growth at ALEX Lab Foundation.
Unifying Identities on Stacks
Bitcoin users can acquire the .BTC names through the approved Bitcoin Name Service platforms BNS ONE and BNS.Market. Velar will conduct STX reimbursements to users who claim their .BTC names via this portal.
“We’re thrilled to be partnered with Velar as part of the Velar Grants initiative, to help onboard thousands of new users for registration of their .btc names. BNS is often one of the first interactions new users have when entering the Stacks ecosystem, and the work that Velar is doing to accelerate the adoption of Stacks is truly remarkable,” commented Snazzy, an executive at BNS ONE.
Interestingly, the BTC Name Grant Program builds on the success of Velar’s Return to Ape campaign, which encouraged users to acquire Megapont non-fungible tokens (NFTs). The name program is the first of its kind and aims to lure users back to the Bitcoin ecosystem.
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