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Portal and Polygon Teamed Up for Improving Bitcoin Usability in DeFi -Breaking

by Mike Robinson

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Portal and Polygon Join forces to Improve Bitcoin Usability in DeFi
  • Portal was a Layer-2 Dex in the Polygon network and was partnered by Polygon
  • Portal allows you to swap between Bitcoin and Wrapped Bitcoin

Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, has announced a strategic partnership with Polygon, popularly known as Ethereum’s Internet of Blockchains, to give new impetus to Bitcoin usability in the DeFi ecosystem.

Portal provides fast and private atomic swaps between Bitcoin, other digital assets, that are secure, safe, and discreet. Portal and Polygon both want to make it possible for customers to transfer their digital assets effortlessly across the DeFi ecosystem at the most affordable fees.

Portal will enable POS WBTC to BTC Swaps via its decentralized exchange. Polygon will manage a Portal DEX facilitation node to ensure that there is ongoing liquidity for atomic trades between Bitcoin and POS, WBTC, POS, WBTC, or other assets.

Portal executive chairman Dr. Chandra Duggirala commented,

“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.”
Polygon has been the leading scaling solution and is now the fundamental settlement layer in the expanding Web3 ecosystem. The blockchain issues like slow speeds, high gas fees, and low security are solved by Polygon. Polygon’s core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence.

Portal’s Layer 2 and Layer 3 technology simplifies building censorship-resistant communications, media and one-click execution of cross-chain swaps on top of the Bitcoin blockchain. It facilitates the private, off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more, all peer-to-peer, without third-party custody or control.

The flip side:

  • Both the Lightning Network, and Bitcoin Hard Forks were created to address Bitcoin’s scaling issues.

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