Portal is thrilled to announce its strategic partnership with Polygon to push for Bitcoin usability in the DeFi space.
Portal, a decentralized financial platform that blends the best of Bitcoin and Layer 2, offers fast, secure, and private atomic swaps between Bitcoin and other digital assets. Through this partnership, Portal will allow Polygon to run a facilitation node on It DEX to provide liquidity for atomic swaps between Bitcoin and POS- WBTC, WBTC, and other crypto assets.
Notably, both platforms share a common goal of creating an environment that allows users to move their digital assets seamlessly across the DeFi ecosystem cost-effectively.
Dr. Chandra Duggirala, executive chairman of Portal, said,
“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.”
Portal’s mission is to deliver freedom one application at a time. The project was created to ‘replace the web server model prone to centralization by design and architecture with a free market for data and computation. The underlying protocol Portal uses, Fabric extends Bitcoin’s functionality today without needing any BIPs.’
Portal’s player 2 and layer 3 technology helps the building censorship-resistant communication, click execution, and media of cross-chain swaps on the Bitcoin blockchain. The technology helps improve the private off-chain execution of smart contracts for assets insurance, staking, swaps, derivatives, and liquidity. In addition, Portal’s layer 2 and layer 3 atomic swap technology can be used for a general-purpose market for data and computation.
Notably, with Portal, DeFi becomes uncensorable, peer-to-peer, and minimized trust, similar to the underlying properties of Bitcoin. Portal swaps move provable execution of cross-chain contracts to layers 2 and 3, which allows the speed and liquidity of centralized alternatives, with the trust minimization guarantees of Bitcoin. In addition, the platform offers faster and cheaper transactions compared to Layer 1 transactions.
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It allows for aggregating scalable solutions on Ethereum intended to support a multi-chain Ethereum ecosystem.