The cryptocurrency world is constantly expanding and changing. As the blockchain market expands, new crypto exchanges emerge everyday with promises to disrupt the status quo but only few actually succeed in doing so. Portal made massive waves when their decentralized exchange (DEX) was announced on June 17th, 2018 by Chainlink’s CEO Sergey Nazarov. It provided a fully trustless trading platform that allowed users to trade directly from one wallet to another without needing an intermediary such as an exchange or broker-dealer.
The “chainlink staking” is a new partnership between the Portal Network and ChainLink. The partnership will allow users to bring trusted data onto its Bitcoin-based DEX.
13th December 2021, San Francisco, United States Chainwire
Portal, a real cross-chain DEX that enables rapid, safe, and private atomic transactions between Bitcoin and other digital assets, has formed a strategic relationship with Chainlink, the world’s leading decentralized oracle network, to get access to reliable and high-quality price feeds.
Chainlink Price Feeds will be integrated into Portal’s DEX network. The Chainlink Network’s pricing data is crucial because it ensures that when users conduct cross-chain transactions, they are receiving prices that represent wide market coverage.
It’s also looking towards integrating Chainlink’s Keepers functionality into the DEX for order execution, as well as VRFs (Verifiable Random Functions) into its “DeFi Fee Market.” Chainlink is considering running a Portal node to offer continuing liquidity for atomic transactions between LINK and other assets on the Portal DEX.
The Verifiable Random Function (VRF) is a random number generation service that ensures outcomes are provably random and thus fair. 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 thus fair.
The cooperation with Chainlink is a significant boost for Portal, since Chainlink is the blockchain industry’s most well-established oracle network. Chainlink’s price oracles put real-world data into blockchains, allowing DeFi applications to activate smart contracts when certain criteria are fulfilled. Chainlink’s total value secured (TVS) has risen from $7 billion at the end of previous year to $75 billion in October 2021.
“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,” said Portal executive chairman Dr. Chandra Duggirala of the partnership. We’re also looking towards integrating Chainlink’s Keepers capability into the Portal client interface to let it automate a variety of transaction types including limit orders and stop limits.”
On top of the Bitcoin blockchain, Portal’s Layer 2 and Layer 3 technology makes it easier to develop censorship-resistant communications, media, and one-click execution of cross-chain transactions. It enables peer-to-peer execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more, all without the need for third-party custody or control.
Portal is a DeFi platform based on Bitcoin. With anonymous, zero-knowledge transactions and the first real cross-chain DEX that is trust-minimized, it makes trading unstoppable. It does away with minting wrapped currencies (such as wBTC and wETH) and dangerous staking via middlemen. With Portal, DeFi becomes a service that anybody can provide, while keeping anonymity in open, transparent marketplaces and using a security mechanism that is as strong as Bitcoin mining.
On Bitcoin, Portal’s Layer 2 and Layer 3 technology provides censorship-resistant communications, media, and one-click cross-chain exchanges.
Visit https://portaldefi.com/ for more details.
Chainlink is the industry standard for creating, accessing, and selling oracle services, which are required to run hybrid smart contracts on any blockchain. Its oracle networks allow smart contracts to connect to any external API and perform safe off-chain calculations, allowing feature-rich applications. Chainlink presently protects tens of billions of dollars across DeFi, insurance, gaming, and other important sectors, and provides a universal gateway to all blockchains to global organizations and prominent data suppliers.
Visit https://chain.link/ for additional details.
- Burke, George
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Portal Partners With Chainlink To Bring Trusted Data Onto Its Bitcoin-based DEX. Portal is a decentralized exchange that allows users to trade crypto assets without the need for an account or verification. Reference: top defi coins.
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