2021-9-24 16:00 |
NewsCrypto and Polygon (MATIC/USD) have partnered up to connect the Polygon blockchain to Stellar (XLM/USD) and improve interoperability. Their Wrapped XLM (wXLM) tokens will be used in Polygon’s DeFi ecosystem. Polygon gave NewsCrypto a grant to build an advanced, low-fee bridge between the two ecosystems.
While NewsCrypto’s core business – educating crypto novices – wouldn’t imply such a partnership, their NWC token was originally launched on Stellar. Therefore, NewsCrypto has the experience needed to create an interoperable platform with Stellar, bringing the DeFi opportunities on Polygon to the XLM ecosystem.
Sandeep Nailwal, Cofounder of Polygon, commented:
“Having XLM available on the Polygon PoS Chain means it can be used for lending, decentralized trading and any other important DeFi usage. We’re happy to be working with NewsCrypto on this and other exciting new collaborations.”
The newly developed Stellar-Polygon bridge offers negligible fees and near-instant swaps as the two blockchains have very high throughput. The bridge was designed to be completely safe. It uses Chainlink’s (LINK/USD) Proof of Reserve to strike the perfect balance between swap wallets as well as decentralized multi-signature schemes.
Arjun Kalsy, VP Growth at Polygon, said:
“NewsCrypto is looking to deploy their learning solution stack and becoming a part of the Polygon network. With the newest Stellar – Polygon bridge designed and developed by NewsCrypto, the Stellar network community can now transfer liquidity and engage with Polygon’s growing ecosystem.”
Vid Gradišar, CEO of NewsCrypto, added:
“The Stellar bridge represents an important pivot for us into infrastructure projects. The Stellar ecosystem is criminally underserved by popular interoperability solutions, far less than its capacity would imply. We knew that without us, it would’ve stayed the same, so we went ahead and connected the $10 billion XLM ecosystem to DeFi on Polygon.”
Polygon’s ecosystem is the main hub for scaling Ethereum-based (ETH/USD) apps. Through bridges with Ethereum, the ecosystem has locked over $10 billion in value. After the partnership with NewsCrypto, it will be possible to unlock another $10 billion in value in the Stellar ecosystem for use in DeFi.
The post NewsCrypto and Polygon join forces to create Stellar tokens to use in Polygon ecosystem appeared first on Invezz.
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