Waterfall Network Integrates with Portal Defi for Cross-Chain Transaction Scalability
In Brief
Waterfall Network integrated with Portal Defi to enhance cross-chain transactions and move digital assets like Bitcoin across blockchains.
Layer 1 decentralized smart contract platform Waterfall Network announced its integration with Portal Defi, a self-hosted wallet and cross-chain layer two decentralized exchange (DEX) built on Bitcoin. With the help of Waterfall Network, Portal DEX can now move digital assets like Bitcoin to other blockchains quickly and securely.
Sergii Grybniak, CTO of BlueWave and head of research at Waterfall Network told Metaverse Post that bridging BTC to Waterfall can allow Waterfall to serve as a side chain for Bitcoin and Ethereum, thus providing a scalability solution by bridging these networks.
He suggested that by transferring BTC to Waterfall, users could leverage its scalable and cost-effective smart contract capabilities, potentially enhancing the functionality of the Bitcoin ecosystem. The integration aims to offer users benefits including scalability, reduced transaction costs and the ability to explore new use cases within the blockchain space.
Additionally, Waterfall Network’s compatibility with Ethereum Virtual Machine (EVM) enables interoperability with Ethereum-based assets and smart contracts.
“This compatibility enhances the decentralized exchange (DEX) functionality provided by Portal Defi by allowing users to trade Ethereum-based tokens and assets directly on the platform. This interoperability broadens the scope of tradable assets, providing users with diverse and accessible options within the decentralized exchange,” Waterfall Network’s Grybniak said.
Unlike traditional bridge solutions, Portal’s Layer 2 cross-chain ‘Atomic Swaps functionality’ eliminates the reliance on third-party entities, reducing the risk of potential security vulnerabilities associated with centralized bridges, he added.
Additionally, the collaboration between the two emphasizes the use of Automated Market Maker (AMM) contracts on compatible chains.
Grybniak highlighted that AMM contracts streamline cross-chain swaps by automating liquidity provision, which is crucial for user adoption within the ecosystem. By leveraging AMM, users benefit from a decentralized and algorithmic approach to trading, thus ensuring a smooth and efficient trading experience.
Waterfall Network’s DAG Tech Boosts Web 3.0
Waterfall Network’s Directed Acyclic Graph (DAG) technology leverages parallelism to enhance performance while maintaining standards for decentralized application (dApp) development.
According to Grybniak, “DAG allows for parallel block production and processing, improving scalability by eliminating bottlenecks of traditional blockchain architectures. Additionally, DAG implementation on the Coordination level enables virtually unlimited sharding, enhancing scalability further. This technology contributes to scalability and portability while requiring low processing power.”
With their collective expertise, both Waterfall Network and Portal Defi, are working to enhance the performance and usability of Web 3.0, making it accessible to users.
“This collaboration is expected to increase the number of use cases available for regular users, improve usability, and enhance liquidity, all of which are crucial for mass adoption,” Grybniak told Metaverse Post.
He added users can expect user-friendly features and increased convenience resulting from this collaboration.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
More articles
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
