Portal Partners with Babylon for Enhanced Bitcoin Security
We’re excited to announce a new strategic partnership with Babylon, a pioneering Bitcoin project at the forefront of security-sharing protocols for the decentralized economy. This integration will create a more robust and trustworthy DeFi environment by addressing custodial risks in today’s wrapped BTC assets.
Through our collaboration with Babylon, the backbone of our bridgeless, cross-chain, decentralized exchange, our notary chain, will integrate the robust protection layers inherent in Bitcoin’s architecture. Babylon’s work is particularly notable for two reasons.
First, Babylon’s innovative use of the Bitcoin Timestamping Protocol enables the synchronization of timestamp events from various blockchains onto Bitcoin. Portal’s Validator Network acts as a decentralized exchange notary, where a dynamic array of validators oversees and authenticates all swaps within the Portal DEX Network, but without having custody of funds. This process, coupled with the distribution of rewards to liquidity providers and stakers, is a novel use of Bitcoin’s security in a Proof of Stake (PoS) network.
And second, Babylon’s timestamping protocol represents a significant advancement in stake unbonding times for Portal validators. Traditional PoS chains require an extended “trust period” for staking, typically taking two to three weeks. With Babylon’s timestamping, the unbonding request confirmation can be accelerated, reducing the waiting period to approximately one day.
Our Babylon integration is a transformative step in redefining exchange protocol security and usability. It’s a significant milestone in the journey towards a more secure, efficient and accessible decentralized financial ecosystem.
Read the full press release about our Babylon partnership here.
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