Portal, DeFi & the Bitcoin Timechain
Cryptocurrencies have taken the world by storm.
The crypto space has experienced rapid evolution over a decade of bull runs, bear markets, project launches, and everything in between. Anyone who’s been in the space long enough will know we’re steadily heading towards mainstream adoption.
As far back as 2015 (through APYs) we collectively celebrated the rise of the movement we’ve now come to know as ‘DeFi’. DeFi — Decentralized Finance — powers an open, smart money economy where participants interact with traditional financial products on the blockchain. This opened up a new world of possibilities for financial technology.
Thanks to decentralized finance, you can save, borrow, lend and invest in financial products; ultimately managing your assets. This happens in a trustless, blockchain-enabled environment and without the need for a central authority.
The total value locked (TVL), a metric measured by the amount of cryptocurrencies locked in DeFi smart contracts, has steadily risen over the years. Since 2019, the DeFi market has grown to breach a 200 billion dollar TVL with over 300 million network participants across the globe.
It’s no secret that Ethereum has consistently called the shots in the DeFi power play. The smart contracts blockchain dominates DeFi, with over $100 billion locked in Ethereum-based DeFi protocols.
That’s changing — right before our eyes.
Ethereum and Its Performance Woes
The decentralized finance movement has survived the initial hype, so why is DeFi on Ethereum gradually losing steam? It’s easy to blame the bears; large holders that have dug their claws deep in a crypto market that continues to bleed profusely.
In reality, the high transaction fees on the network have left many investors priced out and thus completely unable to participate in DeFi. Several analysts have stressed the need for strong alternatives, especially with the current state of the crypto market.
Layer 2 solutions and non-EVM chains rose to the task of replacing Ethereum’s chain amid its key issues. However, most of these L2s create a feeling reminiscent of bandage on a deep wound. This seems fair, considering it’s still early days.
Now is the perfect time to look towards an unlikely contender; the mother of all blockchains- the original timechain: Bitcoin.
Building DeFi Products on Bitcoin with Portal Finance
Portal Finance aims to change the narrative by pushing for massive DeFi adoption on Bitcoin. Portal is building a DeFi platform for cross-chain atomic swaps on the Bitcoin network- a task formerly considered to be too nuanced to pursue. Dubbed Portal DEX, it’s the first trustless cross-chain decentralized exchange, powered by Fabric.
Fabric (Fabric Protocol) itself is a smart contracts protocol for building powerful decentralized applications, known as dApps, with Bitcoin as the underlying security layer. Fabric is both Layer 2 and Layer 3 technology enabling the creation of a free, censorship-resistant market on Bitcoin.
Portal blends the best of Bitcoin with Fabric’s atomic swaps feature to enable trustless, zero-knowledge swaps between Bitcoin and other cryptocurrencies across multiple non-native chains.
Thanks to Bitcoin and Fabric technology, Portal is able to offer trustless execution while maintaining the speed and liquidity of centralized finance products. The platform unlocks Bitcoin’s potential to legitimately decentralize finance in more than just name, using on-chain, P2P contracts and without any third party involvement.
World’s First True Cross-chain DEX
Current DeFi solutions are plagued with issues like centralized custody, inadequate privacy, interoperability complications and non-native swaps.
Even worse, the web server model is centralized by design with deep implementation of wrapped token technology.
Today DEXes rely on token wrappers for conducting cross-chain swaps on incompatible chains; a non-native approach to interoperability. In truth, these tokens are backed by billions of dollars locked in centralized custody. It’s clear that these DEXes are not truly “cross-chain” as they claim. One of the resulting complications are the vulnerabilities to smart contract breaches facilitated by wrapped token tech.
Portal & the Portal DEX eliminate the need for wrapped coins and tokens (e.g., wBTC, wETH, etc) or risky staking with intermediaries to promote true cross-chain transactions while maintaining full anonymity. Finally, tokens on incompatible chains can be traded natively, without wrapping or centralized custody, with the use of zero-knowledge swap technology.
Freedom, Security and Privacy for All
With Portal, anyone can enjoy and equally offer DeFi as a service, maintaining anonymity within a free market and leveraging Bitcoin’s robust security model.
The platform leverages Bitcoin’s “hash time-locked contracts” to ensure that you remain in full control over the assets you’re trading with, thereby preventing counterparty risk and the potential loss of your crypto holdings.
Portal aims to facilitate the creation of a truly free market, where participants can interact with peer-to-peer decentralized applications built as layers on the Bitcoin network. Bitcoin provides the financial and security infrastructure needed to power the uncensorable internet.
The decentralized finance movement has found safe haven in the Bitcoin network. With anonymous, zero-knowledge swaps through a trustless, c\ross-chain DEX, DeFi on Bitcoin is truly unstoppable — a stark reality.
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.
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.
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PORTAL — A Financial Internet Built on Bitcoin✈️