Nov 18, 2022
Increasing CeFi Casualties Highlights the Demand for A Safe P2P Market, Only Portal Facilitates!
2022 has been one of the most tragic years for everyone in crypto history.
From massive hacks to disastrous debacles; the industry is shattered by various incidents and users’ trust is breached badly.
Three Arrow Capital, Celsius, Voyager, LUNA, UST and the most recent of all, FTX/Alameda debacle, have uprooted confidence and raised various questions on transparency, credibility, and safety of users’ funds and assets in the community.
With multiple discourses surfacing on this topic, concerns about decentralization dominate the talks as more of these financial crises begin to surface in the crypto industry.
While centralized exchanges like FTX and others do simplify the operations of users; it also kills the true essence of this industry which is decentralization with custody of assets. Using CeFi is like handing over your private keys to keep your assets/crypto safe in others’ hands.
The crypto markets that were supposed to be free could never really attain true decentralization for various third-party interventions, namely crypto bridges and wrapped tokens. As CeFi has proven to be the most terrible and unreliable custodian for crypto assets, Portal empowers the DeFi space with a self-sovereign solution known as Atomic Transactions.
Portal to the Rescue for Bringing True Decentralization in DeFi
As a Financial Internet Built on Bitcoin, the Portal project sternly supports the idea of a free P2P market, the ultimate idea of the Bitcoin Whitepaper, and aims to offer the same to the masses. Portal is powered by Fabric, a decentralized protocol, which allows for a general-purpose “computation market”, and a layer-2 digital assets exchange.
Portal is leveraging the unbreachable security of the Bitcoin network and fostering a safe DeFi on top of it. With Fabric, the Portal DEX, a robust dApp, seamlessly facilitates cross-chain Atomic Transactions that permanently eliminate the need for wrapped tokens and bridges.
Wrapped tokens and bridges are not only centralized entities as it takes the custody of assets from the users but also causes vulnerability for the user and inefficiency in DeFi.
Reports state that in 2022, crypto bridges have collectively lost a whopping $1.4 billion in hacks; let alone the price of wrapped tokens sinking on chains.
The Portal founders had long foreseen what issues like this & the third-party crisis intervention could bring to the space. Thus, with Atomic Transaction, Portal opted for an approach to introduce no centralization, wrapped tokens, or third-party custody; instead, all transactions rely on a peer-to-peer approach.
Portal cross-chain Atomic Transactions ensure robust security to crypto assets, unlike wrapped tokens, while allowing users to operate in an open and free P2P market seamlessly.
About Portal
The Portal project is a peer-to-peer, trust-minimized application running on top of Bitcoin. It allows users to access a decentralized network right from their wallets. In addition, users can now manage multiple blockchain assets and financial services from within their wallets. The project is backed by Coinbase Ventures, ArringtonXRP Capital, Republic Capital, B21 Capital, and several other big names in the crypto and DeFi space.
With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity for a competitive fee within open, transparent markets, with a security model as robust as Bitcoin mining. And because it is built on Fabric, it comes with privacy, speed, and security.
A Financial Internet Built on Bitcoin ✈️
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