San Francisco, USA, July 17, 2023, Chainwire
Web portalsa self-hosted wallet and true cross-chain layer 2 DEX built on top of Bitcoin, is pleased to announce Landfill Gas MarketIt is a market for Ordinal NFT and Bitcoin-based BRC-20 tokens. It chooses to integrate the Portal DEX protocol to provide users with cross-chain transactions of Ordinal and BRC-20 tokens. The integration of Portal DEX will enable fast, secure and private cross-chain transactions between Bitcoin and other digital assets.
This way, LFG users will be able to purchase Ordinal NFTs and BRC-20 tokens using assets from other chains (e.g. Ethereum) without the need for a bridge or custodian. Utilizing Portal’s “cross-chain atomic swap” technology for payment in any NFT marketplace is a landmark “first” in the NFT ecosystem.
“LFG was looking for a solution that would allow ETH and other NFT collectors to seamlessly access Ordinal transactions, and we found Portal to be the best solution available. Therefore, integrating Portal’s DEX protocol made complete sense.” Jason, Co-Founder, LFG Market Rosenstein said.
According to the creation of the Ordinal inscription on the Bitcoin blockchain, Ordinal transaction volume has exceeded $210 million. Dapreda.Get with DEX stronger foothold In the crypto industry, interest in Bitcoin NFTs is only expected to soar in the future. According to Nansen, 4% of Americans own NFTs; but until the ordinal revolution in 2023, it will be almost non-existent on Bitcoin.
In order for Ordinals to truly become a value layer for data and information, cross-chain solutions are needed to allow more non-Bitcoin NFT audiences in the entire blockchain field to access Bitcoin Ordinals safely and with minimal trust. Neither Eth NFT fans nor Solana NFT fans still have the ability to swap their precious NFTs across chains in a trust-minimized manner. “Bridging” solutions and wrappers are cumbersome, often require hosting, and are vulnerable to security threats.
Portal’s “cross-chain atomic swap” functionality is built into LFG Marketplace and other DEXs, allowing stablecoin payments (currently only present on EVM-compatible chains) seamless access to Bitcoin BRC-20 and Ordinal purchases.
Although the LFG market currently only accepts BTC payments, after the Portal DEX protocol is integrated, other tokens such as ETH, USDC, USDT, and even tokens on layer 2 EVMs such as Arbitrum will be accepted. Since Portal’s atomic swap operates on layer 2 and does not require a bridge, it is the safest and cheapest way to transact across chains. Portal is working hard to support as many compatible blockchains, wallets, and DeFi applications as possible.
Chandra Duggirala, CEO of Portal, said: “Based on our research, we know that marketplaces and DEX operators value user experience and liquidity. We have worked tirelessly to ensure our infrastructure integrates smoothly with their existing setup, minimizing engineering overhead, while cross-chain liquidity aggregation helps them increase transaction volume and provide users with more assets and features.”
Portal sees blockchains as “specialized,” with each chain optimized to do one thing at the expense of other tradeoffs. Bitcoin was specifically designed to be a sound peer-to-peer currency with exceptional censorship resistance. Ethereum, on the other hand, is designed for composable utilities. By enabling the seamless exchange of assets between incompatible chains, Portal helps aggregate liquidity across multiple chains, ending fragmentation issues and helping marketplaces like LFG expand their user base and value proposition.
About the Landfill Gas Market
LFG’s mission is to create a platform that simplifies and enhances the process of trading Ordinals and BRC-20 tokens. LFG is a seamless and efficient trading environment that enriches the digital asset ecosystem and facilitates new types of financial interactions based on Bitcoin.
About the Portal
Portal is building a cross-chain DEX protocol and ecosystem tools to help DEXs and users seamlessly own, exchange and contract across blockchains while minimizing custody risk. With Portal, DeFi becomes a service that anyone can offer, remains anonymous in an open, transparent marketplace, and has a security model as strong as Bitcoin mining.
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