NewsCrypto Partners with Polygon to Create First Stellar-Polygon Bridge
DailyCoin
Published Sep 23, 2021 09:05AM ET
Updated Sep 23, 2021 09:30AM ET
NewsCrypto Partners with Polygon to Create First Stellar-Polygon Bridge
NewsCrypto will be joining forces with Polygon to improve interoperability and connect the Polygon blockchain to Stellar, creating Wrapped XLM (wXLM) tokens that will be usable in Polygon’s DeFi ecosystem.
NewsCrypto has received a grant from Polygon to develop an advanced, low-fee bridge that would connect the two ecosystems. The partnership represents a departure from NewsCrypto’s core business of educating crypto newcomers, though it is at the same time a natural evolution, as NewsCrypto’s NWC token was originally launched on Stellar. The NewsCrypto team thus holds the necessary experience to build an interoperable platform with Stellar, connecting the XLM ecosystem to the DeFi opportunities on Polygon.
The Stellar-Polygon bridge offers near-instantaneous swaps and almost zero fees, thanks to the high throughput of both blockchains. The bridge is engineered to be as safe as possible, using decentralized multi-sig schemes and Chainlink’s Proof of Reserve to ensure the correct balance of the swap wallets. The system has undergone a thorough audit by Proxima.
The Polygon ecosystem emerged in 2021 as the primary hub for scaling Ethereum-based apps, collecting over $10 billion in value locked in the ecosystem through bridges from Ethereum. By partnering with NewsCrypto, a further $10 billion in value in the XLM ecosystem will be unlocked for usage in DeFi. Through Polygon’s good connectivity with other ecosystems, wXLM could easily be ported into Ethereum and many other blockchains.
"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,” said Arjun Kalsy, VP Growth at Polygon. Vid Gradišar,
CEO of NewsCrypto, commented in a similar vein
“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.” “Having XLM available on the Polygon PoS Chain means it can be used for lending, decentralized trading and any other important DeFi usage,” said Sandeep Nailwal, Co-Founder of Polygon.
“We’re happy to be working with NewsCrypto on this and other exciting new collaborations.” The Stellar bridge is nonetheless the first of many NewsCrypto projects together with the Polygon community, with a lending solution on the platform expected to come in the next few months.
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