ZUG, SWITZERLAND , Feb. 05, 2024 (GLOBE NEWSWIRE) -- Waterfall Network, the first truly decentralized and scalable ledger, today announced its integration with Portal Defi, a self-hosted wallet and a bridgeless cross-chain layer two decentralized exchange (DEX) built on Bitcoin.
Waterfall protocol supports the full functionality of decentralized exchanges like Portal due to its compatibility with Ethereum Virtual Machine (EVM), serving the vast existing Ethereum developer base without learning new programming languages. Plus, its protocol incorporates a first-of-its-kind “Directed AcyclicGraph (DAG)” technology that allows for virtually unlimited scalability and portability of decentralized applications (dAPPs) with minimal processing power requirements that allow anyone to run a validator node. The integration of Portal DEX introduces a groundbreaking approach to cross-chain transactions, providing a seamless, fast, and secure bridge between Bitcoin and other digital assets.
“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,” said Chandra Duggirala, Co-founder and CEO of Portal. “We are really impressed with Waterfall Network’s technology and excited to align our vision to improve the efficiency of cross-chain transactions.”
Integration Highlights include:
- Atomic Swaps Functionality: Portal's Layer 2 cross-chain Atomic Swaps functionality, integrated into Waterfall Network's ecosystem, enables secure and private transactions between Bitcoin and other digital assets, eliminating the need for traditional bridge solutions.
- AMM Contracts and Layer 2 Integration: With Automated Market Maker (AMM) contracts built on compatible chains, the integration facilitates fast, cheap, and private swaps.
- Testnet Progress and Mainnet Launch: Portal DEX is currently entering its testnet phase, with contracts undergoing rigorous reviews while Waterfall Network recently released its Testnet 8 as both entities prepare for mainnet launches in the coming months.
“The combination of AMM and Layer 2 to make transactions faster, cheaper and more secure represents a significant industry-first,” said Sergii Grybniak, BlueWave CTO and Waterfall Network Head of Research. “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.”
Built by OG bitcoiners, including pioneers behind the technology of the first bitcoin debit card and cross-chain exchange, Portal sets itself apart within the industry while Waterfall Network’s speed and scalability make it a leader among L1 protocols. As such, both Waterfall Network and Portal are poised to transform the decentralized finance landscape, providing a secure, efficient, and user-friendly platform for cross-chain transactions. The partnership represents a significant step forward in achieving mass adoption and fostering innovation in the blockchain industry.
About Waterfall Network:
Waterfall is the leading layer one (L1) architecture to solve speed, security, and scalability, all while offering a truly decentralized governance platform. Waterfall’s Directed Acyclic Graph (“DAG”) achieves and allows it to run a validator node from any device, including low cost laptops and mobile phones. Waterfall is one hundred percent Ethereum Virtual Machine (EVM) compatible, allowing for portability of decentralized applications (dAPPs), and has very low hardware requirements for the participants to become validators.
About Portal:
Portal is a self-hosted wallet and a bridgeless cross-chain layer two decentralized exchange (DEX) built on Bitcoin. With a team of experienced Bitcoiners and a focus on atomic swaps, Portal seeks to redefine cross-chain transactions, providing users with a secure, private, and efficient decentralized finance experience.
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Waterfall Network Media Contact: bluewave@transformgroup.com
Portal Company Contact: media@portaldefi.com
