Polygon (MATIC) Brings Bitcoin Atomic Swaps Via Portal Connection
Polygon (MATIC) would now be able to offer fast, secure and reliable atomic exchanges between Bitcoin and other assets through a strategic partnership with Portal, a self-hosted cross-chain Layer 2 DEX built on the Bitcoin network. .
This would help the Portal platform move assets seamlessly across multiple networks in the DeFi ecosystem at the lowest possible rates. Many platforms and developers have entered the Polygon ecosystem due to the promise of low gas prices and high speed and so far the network has been able to live up to expectations. This partnership should give the Bitcoin and Polygon networks a huge boost as it would mean that users would finally be able to trade assets between different chains smoothly with low fees as well.
Portal Executive Chairman Dr Chandra Duggirala commented, “Since Portal is a DeFi layer over Bitcoin, we are delighted to partner with Polygon to enable WBTC / BTC and POS-WBTC to BTC exchanges. We believe that having liquid markets and enabling price discovery will help wrap the price of Bitcoin appropriately based on risk and improve the usability of Bitcoin. “
The portal will facilitate WBTC / BTC and POS-WBTC to BTC exchanges on its decentralized exchange. Polygon will run a facilitation node on Portal DEX to provide continuous liquidity for atomic exchanges between Bitcoin and POS-WBTC, WBTC and other assets. Its Layer 2 and Layer 3 technology simplifies the creation of censorship-resistant communications, media and one-click execution of cross-chain exchanges on top of the Bitcoin blockchain. It facilitates the private and off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, etc., all between peers, without third party custody or control.
With regulators around the world tackling centralized exchanges, decentralized exchanges are expected to benefit in the long run, but they face the challenge of cross-chain compatibility and interoperability. Various companies and crypto exchanges around the world have tried various approaches to solve this problem, but there is still no one-size-fits-all solution as efforts continue to be made to bring together compatible strings and ensure that transfers of assets occur between them in s secure manner. This is what Portal has also managed to achieve, using atomic swaps, between the Bitcoin and Polygon chains.