Polygon & NewsCrypto Collaborate to Roll Out Stellar-Polygon bridge
The multi-faceted cryptocurrency suite NewsCrypto has historically committed to providing traders with secure tools for handling digital assets has launched the world’s first Stellar-to-Polygon bridge. The bridge will enhance interconnectivity between the two blockchains by using Wrapped XLM, which charges just 0.2 XLM per month, to do inter-chain transactions.
Ranging from basic teaching to proprietary trading tools are covered in NewsCrypto. Whilst also helping the novices grasp the fundamentals of technical analysis, it also offers charting tools for more experienced traders. This platform made a joint announcement today with Polygon, which will construct the bridge that they’ve been planning.
Polygon has provided funding to NewsCrypto in order to design and implement the near zero-fee bridge that connects the two flourishing networks. The swap wallet balances will be maintained by means of decentralized multi-signature methods and the Chainlink Proof of Reserve. Proxima has also undertaken a ‘thorough audit.’
A benchmark feed system that offers smart contracts with information on the collateralization of assets backing on-chain balances. It was first unveiled in November. For years, the Polygon-Stellar bridge has been undergoing development, and it will unite two of the most important cryptocurrencies in the industry.
At this point, developers that want to expand Ethereum-based applications choose Polygon as the go-to network. DeFi platforms total $4 billion in value is trapped in the platform. Additionally, the Stellar blockchain will see the newly available wrapped XLM (wXLM) that connects to Polygon (and perhaps other chains) move to Ethereum and many other chains.
Nailwal, Polygon’s co-founder, noted: “The availability of XLM on the Polygon Proof-of-Stake (PoS) Chain implies it may be used for lending, decentralized trading, and any other significant DeFi (short for decentralized finance) application.”
“This and other interesting new partnerships are nice to be engaged, and we are thankful to NewsCrypto for welcoming us.”
Creating the bridge for NewsCrypto is a change from the company’s usual business line, but the group is very pleased to do the work. To characterize the shift as a “natural evolution,” the company said in a news statement.
As previously said, the group has already had expertise with Stellar because they launched their native NWC coin on the Stellar network. NewsCrypto CEO Vid Gradišar noted: “The Stellar bridge marks a major shift for us.”
Many of the systems in the Stellar ecosystem are under-utilized when compared to their potential. We realized that if we didn’t do it, the network would have remained stagnant, so we took the $10 billion XLM network and linked it to Polygon DEFi.