Portal and Polygon Teamed Up for Improving Bitcoin Usability in DeFi
- Polygon partnered with Portal, a Layer-2 Dex on the Bitcoin network
- Portal facilitates swaps between Bitcoin and Wrapped Bitcoin
Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, has announced a strategic partnership with Polygon, popularly known as Ethereum’s Internet of Blockchains, to give new impetus to Bitcoin usability in the DeFi ecosystem.
Portal offers fast, private, and secure atomic swaps between Bitcoin and other digital assets. Both Polygon and Portal are committed to enabling users to move their digital assets seamlessly across the DeFi ecosystem with the lowest possible fees.
Portal will facilitate WBTC/BTC and POS-WBTC to BTC swaps on its decentralized exchange. Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets.
Portal executive chairman Dr. Chandra Duggirala commented,
“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.”
Polygon is the go-to scaling solution that has helped Ethereum become the definitive, fundamental settlement layer of the growing Web3 ecosystem. It resolves the blockchain challenges like high gas fees and slow speeds without sacrificing security. Polygon’s core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence.
Portal’s Layer 2 and Layer 3 technology simplifies building censorship-resistant communications, media and one-click execution of cross-chain swaps on top of the Bitcoin blockchain. It facilitates the private, off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more, all peer-to-peer, without third-party custody or control.
On the Flipside:
- The Lightning Network and Bitcoin Hard Forks are intended to solve Bitcoin scalability issues as well.
Read more: https://dailycoin.com/portal-and-polygon-teamed-up-for-improving-bitcoin-usability-in-defi/
Text source: DailyCoin.com
