[PRESS RELEASE San Francisco, US, July 17th, 2023]
Gateself-hosted wallet and true Layer-2 cross-chain DEX built on Bitcoin is thrilled to announce that GLF market, a marketplace for Bitcoin-based ordinal NFTs and BRC-20 tokens, has chosen to integrate the Portal DEX protocol to offer users cross-chain trading of ordinal and BRC-20 tokens. Portal DEX integration will make cross-chain transactions between Bitcoin and other digital assets fast, secure, and private.
With this, LFG users will be able to purchase the ordinal NFTs and BRC-20 tokens using assets from other chains, such as Ethereum, without bridges or custodians. The use of Portal’s “cross-chain Atomic Swaps” technology for payments in any NFT marketplace is a monumental “first” in the NFT ecosystem.
“LFG is looking for solutions that allow ETH and other NFT collectors to seamlessly access ordinal trading, and we have found Portal to be the best solution available. So it makes perfect sense to integrate Portal’s DEX protocol,” said Jason Rosenstein, co-founder of LFG Market.
According to the latest quarterly report of DappRadar. With the DEXs gaining a stronger foot in the crypto industry, interest in NFTs on Bitcoin is only expected to increase in the future. According to Nansen, 4% of the US population has an NFT; but it was almost non-existent on Bitcoin until the ordinal revolution in 2023.
For ordinals to truly take off as a value layer for data and information, cross-chain solutions are needed to bring the much larger non-Bitcoin NFT audiences across the entire blockchain space to access the Bitcoin ordinals with security and trust minimization. Be it Eth NFT fans or Solana NFT fans, there is still no opportunity to trade their precious NFTs in a way that minimizes the trust between chains. Bridge solutions and wrappers are bulky, often custodial and highly vulnerable to security threats.
The Portal’s “Cross-Chain Atomic Swaps” functionality integrated with the LFG Marketplace and other DEXs enables stablecoin payments – which today only exist on EVM-enabled chains – seamless access to Bitcoin BRC purchases – 20 and Ordinal.
While the LFG Marketplace currently only accepts payments in BTC, other tokens such as ETH, USDC, USDT and even tokens on Layer 2 EVMs like Arbitrum and others will be accepted after Portal DEX protocol integration . Since Portal’s atomic swaps operate at level 2 without bridging, it is both the most secure and least expensive way to trade across chains. Portal strives to support as many compatible DeFi blockchains, wallets, and applications as possible.
Portal CEO Chandra Duggiala said, “Based on our research, we know that market and DEX traders value UX and liquidity. We’ve worked tirelessly to ensure our infrastructure seamlessly integrates with their existing setups, minimizing engineering overhead, while cross-chain liquidity aggregation helps them increase volumes and deliver more value. assets and features to their users.
Portal believes that blockchains are “specialized” and that each chain is optimized to do one thing, at the expense of other compromises. Bitcoin is specifically designed to be a solid, peer-to-peer currency with superior censorship resistance. Ethereum, on the other hand, was designed for composable utility. By enabling seamless exchange of assets between incompatible chains, Portal helps aggregate liquidity across many chains, ending the problem of fragmentation and helping marketplaces like LFG and others grow their user bases and offerings. valuable.
About LFG Market
LFG’s mission is to create a platform that simplifies and improves the process of trading ordinals and BRC-20 tokens. LFG is a transparent and efficient trading environment that enriches the ecosystem of digital assets and facilitates new financial interactions in addition to Bitcoin.
About the portal
Portal builds cross-chain DEX protocol and ecosystem tools to help DEXs and users seamlessly own, trade, and contract on blockchains while minimizing custody risk. With Portal, DeFi becomes a service that anyone can provide, preserving anonymity within open and transparent markets with a security model as robust as Bitcoin mining.