Waterfall Network Forms Alliance with Portal DeFi to Boost Cross-Chain Transaction Efficiency
In Brief
Waterfall Network has teamed up with Portal DeFi in a move aimed at boosting the efficiency of cross-chain transactions, facilitating the swift movement of cryptocurrencies, including Bitcoin, across multiple blockchain platforms.
Decentralized Layer 1 Smart Contract Framework Waterfall Network has announced its collaboration with Portal DeFi, which serves as a self-hosted wallet and a cross-chain layer two decentralized exchange (DEX) established on top of a blockchain structure. Bitcoin Thanks to the integration with Waterfall Network, Portal DEX is now capable of effectively transferring digital currencies such as Bitcoin to various blockchain systems, ensuring both speed and security.
Sergii Grybniak, the CTO at BlueWave and research lead at Waterfall Network, informed Metaverse Post that by connecting Bitcoin to Waterfall, the network can operate as a secondary chain for both Bitcoin and Ethereum. This approach provides a scalability framework by interlinking the two platforms.
Grybniak expressed that by shifting Bitcoin to Waterfall, participants can tap into its efficient and economical smart contract features, potentially elevating the functionalities within the Bitcoin sphere. The integration is designed to provide advantages like improved scalability, lower transaction fees, and opportunities to explore innovative applications within the blockchain environment. blockchain space.
Moreover, Waterfall Network's alignment with the Ethereum Virtual Machine (EVM) facilitates seamless interactions with Ethereum-related assets and contracts.
Grybniak noted, 'This compatibility significantly enriches the DEX functionality available through Portal DeFi, allowing users to trade Ethereum-based tokens directly on the platform. This interconnectivity expands the range of tradable assets and offers users varied and easy options in the decentralized exchange.'
Unlike conventional bridge mechanisms, Portal's Layer 2 cross-chain 'Atomic Swaps feature' eliminates dependence on external entities, thereby decreasing the likelihood of security threats often linked to centralized bridges, Grybniak pointed out.
The partnership will also spotlight the use of Automated Market Maker (AMM) contracts across compatible blockchain networks.
According to Grybniak, AMM contracts simplify cross-chain transactions by automatically providing liquidity, which is essential for user engagement in the ecosystem. Utilizing AMM allows for a decentralized and algorithmic trading approach, ensuring a fluid and effective trading experience.
Waterfall Network’s DAG Technology Propels Web 3.0 Forward
Waterfall Network's Directed Acyclic Graph (DAG) innovation utilizes parallel processing to boost system performance while upholding industry standards. decentralized application (dApp) development.
Grybniak stated, 'DAG facilitates the simultaneous production and processing of blocks, enhancing scalability by removing the bottlenecks present in traditional blockchain frameworks. Furthermore, implementing DAG on the Coordination level permits virtually endless sharding, which significantly augments scalability. This advancement fosters both scalability and portability while requiring minimal processing resources.'
With their combined expertise, Waterfall Network and Portal DeFi are actively advancing the efficiency and user-friendliness of blockchain operations. Web 3.0 , making it accessible to users.
'This partnership is anticipated to broaden the available use cases for everyday users, enhance usability, and increase liquidity, all pivotal components for widespread adoption,' Grybniak communicated to Metaverse Post.
He further mentioned that users can look forward to more intuitive features and heightened convenience arising from this partnership.
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