Bitcoin’s Usability to Expedite With Portal and Polygon’s Partnership

Source : coinquora.com

  • Portal and Polygon to partner to improve Bitcoin utility in the DeFi ecosystem.
  • With the partnership, Polygon will enable WBTC/BTC and POS-WBTC to BTC swaps.
  • Portal’s Layer 2 and Layer 3 technology enables building censorship-resistant communications, media, and one-click cross-chain swaps on Bitcoin.

A self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, Portal reveals it partnered with popular Ethereum’s Internet of Blockchains, Polygon to give a new boost to Bitcoin utilization in the DeFi ecosystem. This comes as Bitcoin’s most significant upgrade called Taproot recently took place.

Polygon and Portal are devoted to ensuring users are able to move their digital assets easily. With the lowest fees possible on the DeFi ecosystem, Portal offers secure, fast, and private atomic swaps between Bitcoin and other digital assets.

On its decentralized exchange, Portal will support WBTC/BTC and POS-WBTC to BTC swaps.  Likewise, run a facilitation node on Portal DEX to supply ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets.

Speaking on the collaboration with Polygon, Portal executive chairman Dr. Chandra Duggirala states,

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.

To note, Polygon’s major element is Polygon SDK, a flexible framework that aids building and connecting Secured Chains. These secured chains include; Plasma, Optimistic Rollups, zkRollups, Validium, and more. Similarly, it connects Standalone Chains such as Polygon POS which is designed for independence and flexibility.

Portal’s Layer 2 and Layer 3 technology facilitates the private, off-chain execution of smart contracts. The smart contract allows for asset issuance, swaps, staking, liquidity, derivatives, peer-to-peer, without third-party interference.

In particular, Portal is DeFi built on Bitcoin; it enables seamless trade with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s trust-minimized. Meanwhile, Polygon is an easy-to-use Ethereum scaling and infrastructure development. In a remarkable feat, Polygon has been widely adopted due to its ability to solve problems associated with blockchain.