Quick Take
Waterfall Network and Portal DeFi join forces to revolutionize blockchain by solving the speed, security, and scalability trilemma. The integration offers a seamless bridge between Bitcoin and digital assets, promising fast, secure cross-chain transactions.
Waterfall Network Integrates with Portal DeFi to improve DEX functionality, enabling secure and private cross-chain transactions between Bitcoin and other digital assets
L1 protocol Waterfall Network has announced its integration with Portal DeFi, a self-hosted wallet and a bridgeless cross-chain layer two DEX built on Bitcoin. This strategic partnership aims to tackle the longstanding trilemma of speed, security, and scalability in the world of blockchain and is poised to bring significant innovations to the DeFi landscape.
Waterfall Network’s protocol offers a compelling solution to the trilemma by providing a layer one infrastructure that addresses the core issues of blockchain technology. This integration becomes especially noteworthy due to Waterfall’s compatibility with the Ethereum Virtual Machine (EVM), which ensures seamless adoption by the vast existing Ethereum developer community, eliminating the need to learn new programming languages. Additionally, Waterfall Network incorporates a revolutionary “Directed Acyclic Graph (DAG)” technology that promises virtually unlimited scalability and portability of decentralized applications (dApps) while maintaining low processing power requirements, making it accessible to anyone interested in running a validator node.
Portal DeFi’s role in this partnership is equally significant. As a bridgeless cross-chain layer two DEX, it introduces a novel approach to cross-chain transactions, facilitating seamless, rapid, and secure asset transfers between Bitcoin and other digital assets. This innovation is particularly timely, given the increasing popularity of different blockchain chains and assets.
Sergii Grybniak, BlueWave CTO and Waterfall Network Head of Research, emphasized the industry-first nature of this collaboration, stating, “The combination of AMM and Layer 2 to make transactions faster, cheaper, and more secure represents a significant industry-first. Waterfall Network recognizes the increasing popularity of chains and assets in the future and we’re pleased to partner with Portal to improve cross-chain transactions built on the robust foundation of Bitcoin.”
Key highlights of the integration include:
- Atomic Swaps Functionality: Portal’s Layer 2 cross-chain Atomic Swaps functionality, integrated into Waterfall Network’s ecosystem, ensures secure and private transactions between Bitcoin and other digital assets, eliminating the need for traditional bridge solutions.
- AMM Contracts and Layer 2 Integration: Through Automated Market Maker (AMM) contracts compatible with various chains, the integration simplifies the process of fast, cost-effective, and private swaps.
- Testnet Progress and Mainnet Launch: Portal DEX is currently undergoing testing, with contracts undergoing rigorous reviews. Simultaneously, Waterfall Network recently released its Testnet 8, setting the stage for mainnet launches in the coming months.
Chandra Duggirala, Co-founder and CEO of Portal, highlighted the advantages of this integration over traditional bridge solutions, stating, “Unlike traditional bridge solutions and wrappers that can be cumbersome, custodial, and vulnerable to security threats, Portal’s integration with Waterfall Network will enable fast and secure transactions.”
The collaboration between Waterfall Network and Portal DeFi signifies the convergence of cutting-edge technology and industry expertise. Waterfall Network’s focus on speed and scalability, combined with Portal’s innovative approach to cross-chain transactions, positions both entities as leaders in the rapidly evolving DeFi landscape. This partnership marks a significant step forward in the quest for mass adoption and continuous innovation within the blockchain industry, promising a secure, efficient, and user-friendly platform for cross-chain transactions. As pioneers in their respective domains, they are set to reshape the future of DeFi and accelerate the industry’s growth.
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