By integrating Portal's P2P DEX, BRC.com's native tokens for the first time will be swappable with native BTC, ETH and other cryptocurrencies.
SAN FRANCISCO, March 5, 2024 /PRNewswire-PRWeb/ -- BRC20.com, a BRC-20 ecosystem launchpad, today announced a new integration with Portal, the first trust-minimized, cross-chain swaps that involve no bridges, custody or wrapping, to bring a host of DeFi features to crypto users beyond the Bitcoin community. The collaboration will allow BRC20.com to leverage Portal Swap SDK and integrate the Portal P2P decentralized exchange's (DEX) Layer 2 Atomic Swaps technology into their platform. For the first time, $.COM, BRC20.com's native token, will be seamlessly swappable with native BTC, Ether (ETH) and other cryptocurrency supported by the Portal DEX Network.
"Our partnership with Portal represents a step towards fulfilling BRC20.com's and Portal's mutual vision of bringing the power of Bitcoin Defi to the masses while opening the door for both Bitcoin developers and investors to play a greater role in the Bitcoin DeFi revolution," said Farmer Joe, head of partnerships at BRC20.com. "Through this integration, we hope to significantly improve the accessibility of .COM and other BRC-20 tokens, which will not only help developers who are building new dApps on the Bitcoin Network, but also open up new DeFi avenues to traders and investors."
The BRC-20 protocol, Bitcoin's answer to Ethereum's ERC-20 for custom token issuance on the base layer Bitcoin blockchain, supports the native creation and transfer of fungible tokens on the Bitcoin network. Created less than a year ago, the BRC-20 standard has quickly gained in popularity, surpassing a cumulative market capitalization of $4 billion. Projects on BRC20.com are offered as fundraising opportunities through two types of launchpad services: cross-chain Initial DEX Offerings (IDOs) and Initial Farming Offerings (IFOs).
BRC20.com's integration of Portal's Layer 2 Atomic Swaps DEX will allow users to trade and swap the $.COM token trustlessly against assets on various chains with a single click, thus empowering non-Bitcoin users in the BRC20.com ecosystem. Presently, $.COM tokens can only be purchased on centralized exchanges (CEXs) or the few DEXs that support BRC-20 trading pairs against $BTC. The partnership will also integrate the most popular launchpad tokens from BRC20.com into the Portal DEX Network.
With this collaboration, the Portal Swap SDK will be integrated into the BRC20.com website and super app, allowing users to participate in their cross-chain IDOs and IFOs on BRC20.com. The one-click, cross-chain purchase functionality will also extend to BRC20.com's graduated launchpad tokens, providing users with a simple method for diversifying their portfolios. Partners who have integrated the Portal Swap SDK will be able to offer their users the feature of cross-chain accessibility of both ERC-20 and BRC-20 based $.COM tokens supported launchpad tokens, and their native tokens directly inside partner dApps.
"Unlike other DEXs, Portal Network's cross-chain AMM can support simultaneous cross-chain trading against both the Bitcoin-based .COM token and its Ethereum-based counterpart, and even between them directly," said Chandra Duggirala, co-founder and CEO of Portal. "Such a user-friendly approach will eliminate custodial risk and remove the need for bridging in moving assets between multiple chains."
For ease of adoption, the $.COM supply consists of both a BRC-20 token and an Ethereum-based ERC-20 token. This dual-chain approach is a proven launch methodology that vastly improves accessibility, but a split in supply can fragment liquidity. BRC20.com will further contribute to liquidity and trading efficiency in Portal DEX by supporting liquidity pools, supplying both ERC20-based and BRC20-based $.COM, along with select launchpad coins.
About Portal
Portal is a fintech provider advancing financial self-sovereignty with robust technology for seamless access to Bitcoin and diverse cryptocurrency markets. A builder of the foundational pieces of technology required for a trustless and inclusive economy, Portal offers an advanced technological infrastructure, improved systems for coordination and easy-to-use tools previously only available to large institutions and hedge funds. Portal enables individuals to exchange digital assets across blockchain networks with greater efficiency and speed, lower costs, increased transparency and enhanced security and privacy. 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 BRC20.com
BRC20.com provides a host of essential infrastructure services for Bitcoin-based BRC-20 tokens. BRC-20 projects can utilize their IDO and IFO models to raise funds for their research and development. Their soon-to-be-launched mobile app will facilitate bridging, trading, and staking of BRC-20 tokens. BRC20.com is also developing a decentralized relayer network designed to bolster new DeFi protocols. For more information, visit: https://BRC20.com.
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SOURCE Portal
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