We’re excited to announce that NewsCrypto is developing a novel cross-chain liquidity solution for Polygon!
Blockchains are different in terms of technology and use cases so that users often have to choose between older chains with their non-DeFi-focused functionalities and the emerging dApp ecosystems of today. That’s where NewsCrypto comes in: they are building a unique token bridge to bring billions of dollars of otherwise unused liquidity from one of the most popular and oldest blockchains in the space to the fastest growing DeFi ecosystem on the world’s number one full-stack scaling solution.
The details of this – including most notably the specific blockchain involved – will be announced publicly shortly before the bridge is live, and given that development is already in a late stage, this will happen fairly soon. One thing that can be said already is that the token bridge will have multiple security mechanisms, including constant support from a leading oracle through an independently deployed node, making sure that tokens can be swapped at any time and in both directions. This will enable traders to use liquidity that’s just sitting on an old chain in any of the ever-larger numbers of DeFi protocols on Polygon.
The main reason that NewsCrypto chose Polygon as the ecosystem in which to build this solution is the fact that its fast transactions and low gas fees tear down the entry barriers that are present on other chains. Apart from this, Polygon also offers more and more DeFi protocols by the day, and this will allow users to put their assets to work in many different ways – even if the asset they’re holding belongs to a different type of blockchain, one which is concerned with a completely different use case compared to DeFi-oriented ecosystems.
The NWC token, which forms the backbone of the NewsCrypto ecosystem, was first developed on Stellar, but it has also been launched on Ethereum, BSC, and now Polygon. If you want to earn yield on your NWC, you can now do so on Dfyn, in the NWC/DFYN dual farm, which is available here.
NewsCrypto is an all-in-one trading ecosystem that is primarily focused on education, giving both beginners and expert traders alike everything they need to step into the world of crypto and take their skills to the next level. Recently, the project has expanded to providing novel solutions for DeFi in partnership with different protocols and development-focused projects.
Polygon is the leading Ethereum scaling platform, built around Polygon SDK, a flexible framework that enables anyone to deploy their dApp quickly and efficiently. Polygon’s ecosystem adoption has seen incredible growth in recent months, with hundreds of dApps and over a million users.
Source : cryptodaily.io