Portal partners with Chainlink to bring reliable data on its Bitcoin-based DEX

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Portal, a true cross-chain DEX that makes fast, secure and private atomic transactions between Bitcoin and other digital assets, a Between a strategic partnership with Chainlink, the world’s first decentralized oracle network, to gain access to reliable and high-quality pricing flows.

Portal will integrate Chainlink price feeds into its DEX network. The price data provided by the Chainlink network is mission critical as it helps ensure that users get prices that reflect broad market coverage when making a cross-chain transaction.

It is also exploring the possibility of integrating Chainlink’s Keepers functionality into the DEX for order execution, and Random Verifiable Functions (VRF) into its “Fee Marketplace for DeFi Services”. Chainlink plans to run a portal facilitation node to provide ongoing liquidity for atomic transactions between LINK and other assets on Portal DEX.

Chainlink’s Guardians enable secure automation of smart contracts, while Verifiable Random Function (VRF) is a random number generation service that ensures results are provable at random and therefore fair.

The partnership with Chainlink is a major boost for Portal as Chainlink is the most proven Oracle network in the blockchain industry. Chainlink’s pricing oracles feed real-world data onto blockchains, allowing DeFi apps to trigger their smart contracts when the conditions are met. Chainlink’s Total Secured Value (TVS) has grown from just $ 7 billion at the end of last year to $ 75 billion in October 2021.

Portal Executive Chairman Dr Chandra Duggirala said of the partnership: “Portal is delighted to announce that Chainlink’s price oracles will reduce friction and allow facilitators and portal users to discover and deal with. their peers. We are also evaluating the integration of Chainlink’s Keepers feature to help the portal client application automate multiple types of trades, such as limit orders and stop limits.

Portal’s Layer Two and Layer Three technology simplifies the creation of censorship-resistant communications, media, and one-click execution of cross-chain transactions over the Bitcoin blockchain. It facilitates the private and off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives and more, all peer-to-peer, without third-party custody or control.

About the portal

The portal is DeFi built on Bitcoin. This makes unstoppable commerce with anonymous and unconscious transactions via the first true cross-chain DEX that minimizes trust. It eliminates minting of wrapped coins (i.e. wBTC, wETH) or risky staking with middlemen. With Portal, DeFi becomes a service anyone can provide, maintaining anonymity in open and transparent markets with a security model as robust as Bitcoin mining.

Portal’s Layer Two and Layer Three technology enables one-click censorship-resistant communications, media, and cross-chain exchanges, all on Bitcoin.

For more information visit: https://portaldefi.com/

About Chainlink

Chainlink is the industry standard for creating, accessing, and selling the Oracle services needed to power hybrid smart contracts on any blockchain. Its Oracle Networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and provides global businesses and major data providers with a universal gateway to all blockchains.

For more information visit: https://chain.link/

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