In the DeFi ecosystem Ethereum and the killers are in the main role, but the actors are not limited to them. Undoubtedly, there are faster, more functional and cheaper networks. These are smart contracts, and in particular DeFi it’s perfect for their projects, but the DeFi projects working on the Bitcoin network don’t sound that bad, do you think?
The DeFi Project on the Bitcoin Network
Which is protected by a large number of miners and has become a huge store of value Bitcoin, which has significant capabilities and characteristics. First of all, the first and most valuable blockchain it is a network. Away from censorship and Taproot with its update, the privacy aspect has improved even more. However, miner power is also seriously increasing the security of the network.
DeFi at the heart of their platform is decentralization. The Bitcoin network has a completely decentralized structure. So DeFi fully supports his philosophy. That’s why Bitcoin working on the network The Portal he’s doing an important job.
Portal and Polygon Partnership
With the partnership Polygon, Which will enable the exchange of WBTC/BTC and POS-WBTC to BTC. The Portal’s Layer 2 and Layer 3 technology allows creating censorship-resistant communications, media, and one-click cross-chain swaps on Bitcoin.
A self-hosted wallet based on Bitcoin and a real cross-chain Layer-2 DEX the Portal is, DeFi to provide a new support for the use of Bitcoin in its ecosystem Polygon he announced a partnership with. The partnership came after the major Taproot update. Polygon and The Portal, dedicated to ensuring that users can easily move their digital assets. With the lowest possible fees in DeCi ecosystem, the Portal offers secure, fast and private atomic swaps between Bitcoin and other crypto assets.
On the decentralized exchange Portal, WBTC/BTC and POS-WBTC BTCit will support swaps to . Similarly, Bitcoin and POS-WBTC operate a facilitation node on the Portal DEC to provide ongoing liquidity for atomic swaps between WBTC and other assets.
Polygon the chairman of the board of directors of the Portal, who spoke about cooperation with Dr. Chandra Duggirala, said:
“Given that the portal has a DeFi layer in Bitcoin, we are excited to partner with Polygon to enable swaps from WBTC/BTC and POS-WBTC to BTC. We believe that having liquid markets and making price discovery possible will appropriately price risk-wrapped Bitcoin and provide greater availability for Bitcoin”.
DeFi the “trust”, which is a big risk for their platform, is being minimized together with the Portal project. So the need for confidence in the project almost disappears. It is enough to rely on the power of the Bitcoin network. If it can reach sufficient acceptance, the Portal can show serious growth with the confidence of achieving the first one.