Portal is DeFi built on Bitcoin, which announces its collaboration with the well-known network, Polygon to improve the Bitcoin usability in the DeFi ecosystem. Polygon and Portal are both dedicated to allowing it as smooth as possible for users to move their digital assets across the DeFi ecosystem for the lowest feasible rates.
Polygon is a well-known platform for Ethereum scaling and infrastructure developments. Moreover, Polygon specializes in addressing the other blockchain challenges such as high gas fees, slow speed without compromising security. On the other hand, Portal is the first cross-chain Layer-2 DEX built on Bitcoin.
With DEX, Portal will support WBTC/BTC and POS-WBTC to BTC trades. On Portal DEX, Polygon will maintain a facilitation node capable of providing ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets. Besides, Dr Chandra Duggirala, Portal’s Executive Chairman commented on the announcement that:
“Given that Portal is a DeFi layer on Bitcoin, we are thrilled to join with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and facilitating price discovery would allow Bitcoin to be fairly priced based on risk and will boost its utility.”
Bitcoin Blockchain Meets DeFi Ecosystem
Polygon blends the best of Ethereum and sovereign blockchains into a full-fledged multi-chain architecture, aggregating scalable solutions on Ethereum. Significantly, Polygon SDK is the foundation of Polygon, a modular, versatile framework that allows you to develop and connect Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, and others, as well as Standalone Chains like Polygon POS, which are designed for flexibility and sovereignty.
On top of the Bitcoin blockchain, Portal’s Layer 2 and Layer 3 technology makes it easier to develop censorship-resistant services, media, and one-click execution of cross-chain swaps. Overall, without the need of third-party control, Portal enables peer-to-peer implementation of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more. With Portal, DeFi becomes a service that anybody can offer, while keeping anonymity in open, transparent markets and using a security mechanism that is as strong as Bitcoin mining.
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