The strategic collaboration between BeFi Labs and Portal advances CeDeFi innovation, offering users unparalleled opportunities for engagement and access to a diverse range of assets.
SAN FRANCISCO, March 12, 2024 /PRNewswire-PRWeb/ -- BeFi Labs, a pioneer at the forefront of Bitcoin CeDeFi innovation, today announced its integration with Portal, the first trust-minimized, Layer 2 cross-chain swaps that involve no bridges, custody or wrapping. The partnership will expand the utility of cross-chain trading without the use of custodians, providing unparalleled opportunities for engagement and access to a diverse range of assets.
"BeFi's CeDeFi hybrid approach breaks users free from the confines of traditional, centralized exchanges [CEXs] and ERC20 decentralized exchanges [DEXs] to create a faster, safer experience for users," said pseudonymous BeFi Labs COO and scientist "Adam." "Our integration with Portal signifies our commitment to making blockchain assets more accessible and tradable and aligns with our mission of making $BEFI and BeFi-bridged assets accessible across ecosystems."
CeDeFi, short for Centralized Decentralized Finance, is a financial model that blends traditional, centralized financial systems with decentralized finance (DeFi) innovations. This approach aims to offer the best of both worlds: the safety, speed and simplicity of centralized systems, and the transparency, security and inclusivity of blockchain-based, decentralized protocols. CeDeFi platforms provide users with access to DeFi services while maintaining some level of central control to meet regulatory standards and ensure a user-friendly experience.
BeFi Labs' integration of Portal Swap SDK will increase BeFi's trading pair catalog, extending availability to assets on other chains, but in a safe and trust-minimized way via Portal's bridgeless, native atomic swaps technology. The integration will enable BeFi users to deposit funds into BeFi's platform, starting from assets on other chains currently unsupported by BeFi, yet incur no custodial risk while trading across chains through Portal Swap SDK.
As part of this collaboration, the ERC20 $BEFI token will be integrated into the Portal DEX Network. This move aims to make $BEFI more widely tradable by enabling one-click, cross-chain trading against assets on various chains. Other partner projects that use Portal's SDK for in-app swapping, such as wallets, bridges, and other protocols, will be able to offer their communities of users one-click, cross-chain buying and selling of $BEFI, BeFi-bridged fungible assets, and BeFi-bridged Ordinal NFTs, all directly within their applications.
The BeFi Labs integration of Portal will extend to BeFi-bridged, Bitcoin-based fungible assets and non-fungible Ordinals. As traditionally-bridged assets are siloed within a particular protocol, BeFi users will instead be able to effortlessly trade these bridged tokens against assets on different chains, addressing liquidity challenges and expanding the accessibility of these unique assets. The collaboration will also extend to trading BeFi-bridged Ordinal NFTs on different chains with simplicity, allowing for one-click trading within and outside of BeFi Labs' platform.
BeFi Labs will also support liquidity pools of $BEFI coin and selected bridged assets in Portal's cross-chain Automated Market Maker (AMM) to ensure a dynamic and liquid trading environment within the Portal ecosystem.
About Portal
Established by seasoned Bitcoin and AI engineers, Portal is dedicated to promoting financial self-sovereignty. The Portal DEX Network utilizes atomic swaps technology to be the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. Built on Bitcoin, it rivals the efficiency of centralized exchanges while removing the risks of bridges, wrappers and CEXs. A pioneer and an advocate for free and unfettered markets, Portal was founded in 2019 in the San Francisco Bay Area. Portal is backed by Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io and many other prominent fintech/crypto investors. For more information, visit https://portaldefi.com.
About BeFi Labs
BeFi Labs pioneers CeDeFi innovation, focusing on simplifying the BRC20 ecosystem for Web3 users. Coupled with easy integration into MetaMask and other wallets, it facilitates instant and fee-free BRC20 token trading. With a vision to demystify blockchain complexities, it offers users a straightforward and enriching experience. As your companion in this transformative journey, BeFi Labs is committed to guiding users through the worlds of BRC20 assets and Bitcoin ordinals, ensuring a confident and straightforward experience in decentralized finance. For more information, visit https://befilabs.com.
Media Contact
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SOURCE BeFi Labs
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