Bitcoin-based DeFi is advancing rapidly towards becoming a fully fledged ecosystem. The latest evidence of this trend is manifested in the funding round secured by Velar to create a PerpDEX on Bitcoin. $3.5M has been secured in seed funding to advance the goal of bringing perpetual swaps to Bitcoin infrastructure. A host of blockchain VCs participate in the round including Bitcoin Startup Lab, CMS Holdings, and Black Edge Capital. Like many astute venture firms, they see the upside to recreating decentralized finance infrastructure on Bitcoin and are in a race to fund the startups who can secure first mover advantage within their respective verticals.