Portal, a true cross-chain DEX that brings fast, secure, and private DeFi to Bitcoin, has secured a strategic partnership with Chainlink, the world’s leading decentralized oracle network. Portal will now receive credible and high-quality price feeds which it will integrate into its platform.
With the partnership, Portal users making cross-chain transactions will have on-platform access to real-time pricing reflecting the broader market movements. The two industry players are also exploring ways to integrate Chainlink’s Keepers functionality into Portal for order execution, in addition to VRFs (Verifiable Random Function) into the DEX’s “Fee Market for DeFi services.” Chainlink’s Keepers allows secure smart contract automation, while VRFs are services that generate proven random figures, a guarantee for fairness.
Even more, Chainlink is mulling over running a Portal facilitation node that will provide constant liquidity in atomic transactions between LINK and other digital assets on the Portal DEX.
The partnership is of great benefit to Portal since Chainlink is the most battle and time-tested oracle in the blockchain industry. The oracle network provides real-world data to blockchains, allowing secure off-chain computations through external API. This increases the number of features DeFi apps offer, including hybrid smart contract execution once conditions are met.
Currently, Chainlink’s services are available across DeFi, gaming, insurance, global enterprises, and top data providers among other major industries. Chainlink’s value has led to a surge in its total value locked (TVL) from $7 billion at the end of 2021, to $75 billion this October.
On the other hand, Portal boasts layer-two and layer-three technology that eases the development of censorship-proof communications, media, and execution of one-click cross-chain transactions atop the Bitcoin blockchain. Portal facilitates peer-to-peer, non-custodial swapping, staking, liquidity, and derivatives among others. It also provides an environment for private, off-chain smart contract execution for asset issuance. Portal eliminates the need to have intermediaries or to mint wrapped coins such as wBTC and wETH, while maintaining security as vast as Bitcoin’s blockchain.
Portal executive chairman Dr. Chandra Duggirala said of the partnership, “Portal is excited to announce that Chainlink’s price oracles will reduce friction and enable Portal facilitators and users to discover and transact with peers. We are also evaluating integrating Chainlink’s Keepers functionality to help the Portal client app automate several transaction types such as limit orders and stop limits.”