- Polygon and Portal partner to enable digital asset transfer across decentralized finance.
- Portal self-hosted wallet built on Bitcoin will give new impulse to crypto use
- How will the Polygon and Portal partnership help with the transactions fees?
In order to provide users with the lowest possible fees, Polygon and Portal are both committed to enabling seamless digital asset transfer across DeFi.
With the announcement of a strategic partnership with Polygon, also known as Ethereum’s Internet of Blockchains, Portal, a self-hosted wallet built on bitcoin, will give new impetus to Bitcoin use in the DeFi ecosystem.
Polygon and Portal: The Best of Both Worlds
Portal and Polygon are both committed to making it as easy as possible for users to move their digital assets seamlessly across the DeFi ecosystem with the lowest possible fees.
Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps between Bitcoin and POS and WBTC, among other assets.
Portal executive chairman Dr. Chandra Duggirala said that given that Portal was a DeFi layer on Bitcoin, they were excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. He added that the company believed that having liquid markets and enabling price discovery would appropriately price wrapped Bitcoin based on risk and enabled increased usability for Bitcoin.”
Developing a Decentralized Financial Infrastructure
Polygon solves the blockchain challenges like high gas fees and slow speeds without compromising security. It has assisted Ethereum in becoming the definitive, fundamental settlement layer of the Web3 ecosystem.
Polygon SDK is its core component and aims to provide flexibility and independence for development and integration of Secured Chains like Plasma, Optimistic Rollups, zkRollups and Validium, as well as Standalone Chains like Polygon POS.
On top of the Bitcoin blockchain, Portal’s Layer 2 and Layer 3 technology provide censorship-resistant communications, media, and one-click transactions. Off-chain smart contracts are executed peer-to-peer, without any third-party control or custody, and the issuance, swapping, staking, liquidity, and derivatives of assets are private and off-chain.
In addition, it combines the best of both Ethereum’s and sovereign blockchains’ best features into a comprehensive multichain system. Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its scaling solutions have been adopted by 400+ Dapps, 350M transactions, and 1.5M+ unique users, solving complaints associated with Blockchains like high gas fees and slow speeds.
Using the first real cross-chain DEX that’s trust-minimized, Portal is a DeFi built on Bitcoin that makes trades unstoppable with anonymous, zero-knowledge swaps. Portal makes DeFi a service anyone can offer, keeping anonymity within open, transparent markets with the type of security as robust as Bitcoin mining.
With Portal, you can construct censorship-resistant communications, media, and one-click cross-chain swaps using Layer 2 and Layer 3 technology.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
