‘DeFi on Bitcoin’ platform Portal is a true cross-chain Layer-2 decentralized Exchange (DEX) built on Bitcoin. Portal recently announced a strategic partnership with Polygon. The biggest reason behind the strategic partnership between Portal and Polygon is to boost Bitcoin usability in the DeFi ecosystem.
Portal provides very fast atomic swaps between Bitcoin and other digital assets. These swaps are also very private and secure. Polygon and Portal both want their users to move digital assets across the DeFi ecosystem against the lowest fees.
Portal wants to make POS-WBTC & WBTC/BTC to BTC swaps possible. They will facilitate this on their own decentralized exchange. A facilitation node will be run by Polygon on Portal. This will offer ongoing liquidity for atomic swaps between BTC and POS-WBTC, WBTC and other assets.
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.”
The technology of Portals’s layer 2 and layer 3 makes building censorship-resistant communications easier. It also simplifies media and one-click execution of cross-chain swaps on top of the Bitcoin blockchain. The layer 2 and layer 3 technology also simplifies the private, off-chain execution of “smart contracts” for asset issuance, liquidity, swaps, staking and more. This is all done peer-to-peer, so there is no third-party control or custody.