The Polygon ecosystem continues to grow and evolve with the help of Portal. In addition, the self-hosted wallet and cross-chain Layer 2 DEX built on Bitcoin brings more BTC-related usability to the DeFi ecosystem.
Portal is a significant project in the world of decentralized finance. It is one of the few projects leveraging Bitcoin’s potential in the DeFi world. Moreover, the true cross-chain Layer-2 DEX provides secure atomic swaps with higher efficiency and more privacy. As a result, users can exchange value between Bitcoin and other digital assets.
Bringing this technology to Polygon will make it easier for Portal users to move their digital assets across the decentralized finance ecosystem. One crucial aspect of this partnership is unlocking the lowest possible fees, benefiting traders worldwide.
Under the Portal banner, users can explore WBTC/BTC and POS-WBTC to BC Swaps through the decentralized exchange. In addition, Polygon will contribute a facilitation node to boost overall liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets.
Portal Executive Chairman Dr. Chandra Duggirala states:
“Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.”
The choice by Portal for Polygon is straightforward. Polygon is the primary scaling solution for the Ethereum blockchain. Moreover, Portal acknowledges Polygon’s role in making Ethereum the fundamental settlement layer for Web3 purposes. The scaling solution has proven versatile and valuable by removing high gas fees and transaction bottlenecks.
Furthermore, the Polygon SDK – a modular and flexible framework with integration for Plasma zkRollups, Validiu,, and other Standalone Chains – is a powerful developer tool.
The vision by Polygon and Portal aligns, as Portal has built Layer 2 and Layer 3 technology. Through these developments, developers can build various solutions on the Bitcoin blockchain, including media platforms or censorship-resistant communication tools.
More importantly, Portal’s approach includes private and off-chain execution for “smart contracts” for swapping, staking, derivatives, asset issuance, etc. All of this occurs in a peer-to-peer manner without users relinquishing custody or control over funds or assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link