Portal partners with Chainlink to bring trusted data onto its Bitcoin-based DEX -Breaking
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Portal teams up with Chainlink in order to provide trusted data for its Bitcoin-based DEXPortal, a true cross-chain DEX that makes atomic transactions between and other digital assets fast, secure, and private, has entered a strategic partnership with Chainlink, the world’s premier decentralized oracle network, to get access to trusted and high-quality pricing feeds.
Portal will incorporate Chainlink Price Feeds in its DEX network. The Chainlink Network’s price data is vital because it ensures that users receive prices that are representative of broad market coverage when they make cross-chain transactions.
It is also exploring the possibility of integrating Chainlink’s Keepers functionality into the DEX for order execution, and VRFs (Verifiable Random Function) into its “Fee Market for DeFi services.” Chainlink is in consideration to run a Portal facilitation node to provide ongoing liquidity for atomic transactions between LINK and other assets on Portal DEX.
Chainlink’s Keepers enable the secure automation of smart contracts while the Verifiable Random Function (VRF) is a random number generation service that ensures outcomes are provably random and therefore fair.
Portal’s partnership with Chainlink will be a huge boost as Chainlink, the longest-tested and most reliable oracle network within the blockchain industry, is now a partner. Chainlink’s pricing oracles feed data from the real world onto blockchains, which allows DeFi apps to trigger their smart contracts when the conditions are met. Chainlink’s Total Value Secured (TVS), has increased from only $7 billion at end-of-last year to $75 Billion in October 2021.
Dr. Chandra Duggirala, the chairman of Portal, spoke highly about the partnership.
“Portal is excited to announce that Chainlink’s price oracles will reduce friction and enable Portal facilitators and users to discover and transact with peers. We are also evaluating integrating Chainlink’s Keepers functionality to help the Portal client app automate several transaction types such as limit orders and stop limits.”
Portal’s Layer 2 and Layer 3 technology simplifies building censorship-resistant communications, media and one-click execution of cross-chain transactions 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.
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