Through the Portal DEX Network, Movement native tokens from Move-based applications will be swappable across major L1/L2 networks.
SAN FRANCISCO, April 2, 2024 /PRNewswire-PRWeb/ -- Movement Labs, the company building M2, the first ZK Move+EVM Layer 2 technology on Ethereum, and backed by Varys Capital, dao5 and Borderless, today announced it will integrate with Portal's cross-chain DEX network powered by Layer 2 atomic swaps that match centralized exchanges in terms of speed and liquidity without any asset custody or custodial risk.
"Joining forces with Portal offers significant benefits to the projects building on M2 and their users," said Rushi Manche, co-founder of Movement Labs. "By integrating M2 assets into the Portal DEX Network, we expand the reach of Move Ecosystem tokens and also champion a more seamless and unified DeFi ecosystem. This partnership also extends to other platforms utilizing the Portal Swap SDK, including wallets, bridges and protocols, gaining the capability to offer their users easy buying and selling of M2-based assets directly within their applications. Our collaboration signifies a shared vision for a future where cross-chain swaps are simple, direct, and inclusive."
Through the integration of Portal Swap SDK, M2-based wallets and B2C ecosystem projects building on M2 will be able to seamlessly swap Move Ecosystem assets across Bitcoin and other non-EVM chains within M2-based DEXs — all achieved with a single click. This partnership aims to refine Move Ecosystem token accessibility and trading across blockchain networks, simplifying cross-chain transactions and diversification while boosting liquidity for users.
The collaboration introduces Portal's Layer 2 atomic swap technology to make trading between M2-based ERC20 assets and their Ethereum counterparts effortless within the Portal DEX network, eliminating the bridging requirement. By leveraging Portal Swap SDK, projects in the Movement Labs ecosystem will be able to purchase Move, EVM and other assets, like BTC, without the risks, costs and hassles of bridging.
Movement Labs will also support liquidity pools for both ETH-based and M2-based tokens in Portal's cross-chain Automated Market Maker (AMM), emphasizing the commitment to enhancing liquidity and trading efficiency.
"Enabling seamless cross-chain swaps for Move Ecosystem tokens is a significant step towards a future where DeFi is more accessible, efficient and interconnected but without the biggest risk that haunts this space, custodial risk," said Chandra Duggirala, CEO and co-founder of Portal. "The combination of practical trading, atomic swaps and broad partner accessibility positions Movement Labs and Portal as contributors to a more user-friendly and connected DeFi ecosystem. Our collaboration represents our shared commitment to breaking down barriers in the crypto space, ensuring that DeFi's potential is fully unlocked for all."
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 Movement Labs
Movement Labs is a network of Move-based blockchains designed to pair smart contract security and parallelization with EVM liquidity and user bases. M2 is the first MEVM (Move + EVM) ZK L2 on Ethereum and is powered by Celestia, natively bringing the MoveVM to Ethereum. For more information, visit https://movementlabs.xyz.
Media Contact
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SOURCE Movement Labs
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