News Crypto will develop a mechanism that will allow the integration of Wrapped XLM tokens into DeFi projects on Polygon through atomic swaps without commission.
News Crypto, a feature-rich cryptocurrency learning and development platform,
received a grant from the Polygon project to create a protocol for interaction between two networks. News Crypto leverages its Stellar (XLM) expertise to build the bridge. At launch, the two smart contract environments, Stellar (XLM) and Polygon (MATIC), will be fully compatible.
“The Stellar Bridge represents an important turning point in infrastructure projects for us. The Stellar ecosystem is underestimated by popular blockchain interoperability solutions. We knew that without us everything would have remained the same, so we went ahead and connected the XLM ecosystem to DeFi on Polygon, ”said Vid Gradišar, CEO of News Crypto.
The protocol will support zero-fee instant swaps. Security will be provided by decentralized multi-signature schemes and the Chainlink Proof of Reserve (PoR) module. This will create peer-to-peer communication for the participants. The system has been audited by Proxima, a renowned blockchain security provider.
Arjun Kalsy, VP of Development at Polygon, believes the new instrument will bring liquidity to the DeFi ecosystem.
“News Crypto plans to deploy its training stack and become part of the Polygon network. With the Stellar-Polygon Bridge, the Stellar community can maintain liquidity and interact with the Polygon ecosystem. For Stellar, this move will confirm the direction it has taken to expand into the DeFi segment, ”he said.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
