Tuesday, June 28, 2022

Portal and Mintlayer Join Forces to Boost DeFi on Bitcoin

Portal, a platform blending the best of Bitcoin and Layer 2, has recently announced their cooperation with Mintlayer, a secure, long-term solution for scaling and accelerating the future of DeFi. Both parties share the same vision of bringing DeFi to Bitcoin, and are working on making sure that decentralized finance can be used securely and privately on Bitcoin.

A powerful partnership

This collaboration is a significant milestone for DeFi on the Bitcoin network. An important part of this partnership is the low fees. With all the security and privacy, users usually expect the fee must be high along with the service. However, Portal and Mintlayer aim to provide the best DeFi on the Bitcoin network experience in combination with minimal fees.

Without upgrading in order to have new functions, Bitcoin protocols still remain the same, which will be attractive to users. When more and more people engage in Bitcoin, both projects believe it will slowly bring out the truly global monetary system into the world.

Mutualistic benefit

Portal and Mintlayer will benefit in this collaboration, which is a win-win situation for both. Mintlayer helps expand the amount of trading pairs available to Portal users, meanwhile, bonding with Portal will give Mintlayer a huge user base by allowing access to its digital assets.

Compared with others

Putting others’ ecosystems on the same table, DeFi in the Bitcoin network is fairly new, but very promising. While other networks like ETH and third-bridges give user experiences challenges, Portal and Mintlayer ensure that all users will be carefree about those.

Before, BTC holders had to go through steps in order to engage in DeFi, and to depend on third parties to benefit from staking, yield farming, and other opportunities. Portal simplifies all the steps by leveraging atomic swaps. With no need for bridges and wrapping assets, Portal can circulate liquidity to Bitcoin sidechain assets and other layer applications with the support from layer-2 and layer-3 technologies. Mintlayer works as Bitcoin’s sidechain asset, enabling BTC native swap and direct token capabilities.

In conclusion

By using atomic swap with no bridge or wrapping needed, Portal is the first censorship-resistant Layer-2 cross-chain that allows assets to be transferred between networks like this. Making Bitcoin more liquid is the very first goal of this collaboration, therefore, any Bitcoin network applications will be supported with no cross-chain barriers in order to increase its functionality and user base.

Norah
Norah is a big fan of the concept of a cashless economy. She is addicted to discovering and learning about new ideas that can bring convenience to society, both now and in the future. She believes that the crypto and blockchain world is not just a new trend to expertise, but a whole new era to learn and get used to. “Never stop learning, because life never stops teaching.” - Kirill Korshikov.

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