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Portal and Polygon Accomplice to Enhance Bitcoin Usability in DeFi Ecosystem

Portal, a self-hosted pockets and true cross-chain Layer-2 DEX constructed on Bitcoin, has introduced a strategic partnership with Polygon, popularly referred to as Ethereum‘s Web of Blockchains, to provide new impetus to Bitcoin usability within the DeFi ecosystem.

Portal gives quick, non-public, and safe atomic swaps between Bitcoin and different digital property. Each Polygon and Portal are dedicated to enabling customers to maneuver their digital property seamlessly throughout the DeFi ecosystem with the bottom potential charges.

Its DEX will facilitate WBTC/BTC and POS-WBTC to BTC swaps . Polygon will run a facilitation node on Portal DEX to supply ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and different property. 

Portal Brings DeFi to Bitcoin

The Portal platform is DeFi constructed on Bitcoin. It makes commerce nameless, zero-knowledge swaps by way of the primary true cross-chain DEX that’s trust-minimized. With Portal, DeFi turns into a service that anybody can present, sustaining anonymity inside open, clear markets with a safety mannequin as strong as Bitcoin mining. 

Portal govt chairman Dr. Chandra Duggirala commented, “On condition that Portal is a DeFi layer on Bitcoin, we’re excited to associate with Polygon to allow WBTC/BTC and POS-WBTC to BTC swaps. We imagine that having liquid markets and enabling value discovery will appropriately value wrapped Bitcoin primarily based on danger and permits elevated usability for Bitcoin.”

Polygon is arguably the go-to scaling answer that has helped Ethereum grow to be the definitive, elementary settlement layer of the rising Web3 ecosystem. It resolves the blockchain challenges like excessive gasoline charges and gradual speeds with out sacrificing safety.

portal polygon
Polygon (MATIC) value chart 17 November 2021

Cross-chain swaps on the Bitcoin blockchain

Polygon’s core part is Polygon SDK, a modular, versatile framework that helps constructing and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium and so forth and Standalone Chains like Polygon POS, designed for flexibility and independence.

Portal’s Layer 2 and Layer 3 know-how simplifies constructing censorship-resistant communications, media and one-click execution of cross-chain swaps on high of the Bitcoin blockchain. It facilitates the non-public, off-chain execution of “sensible contracts” for asset issuance, swaps, staking, liquidity, derivatives, and extra, all peer-to-peer, with out third-party custody or management.

Polygon claims to be the primary well-structured, easy-to-use platform for Ethereum scaling and infrastructure growth.

It aggregates scalable options on Ethereum, and combines  Ethereum and sovereign blockchains right into a full-fledged multi-chain system. Polygon goals to unravel the ache factors related to Blockchains, corresponding to excessive gasoline charges and gradual speeds, with out sacrificing on safety. the platform’s scaling options have seen widespread adoption with 400-plus Dapps, greater than 350 million transactions and 1.5 million-plus distinctive customers.

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