Crypto News will join forces with Polygon to improve interoperability and connect the Polygon blockchain to Stellar, creating a Wrapped XLM (wXLM) token that will be usable in Polygon’s DeFi ecosystem.
That Crypto News The platform is an all-in-one crypto suite, known for its comprehensive set of crypto-specific tools for all users, helping users trade regardless of their current level of knowledge. The company has now received a grant from Polygon to develop a low-cost, state-of-the-art bridge that will connect the two ecosystems. This partnership is a natural evolution for NewsCrypto, representing a departure from its core business.
The NWC Newscrypto token was initially launched on star. With this prior knowledge, the NewsCrypto team has the necessary experience to build an interoperable platform with Stellar, connecting the XLM ecosystem with DeFi opportunities at Polygon.
Polygon – protocols and frameworks for building and connecting Ethereum compatible blockchain networks, happy to collaborate with NewsCrypto to build a Stellar-Polygon bridge.
“Having XLM available on Polygon’s PoS Chain means it can be used for lending, decentralized commerce, and other critical DeFi uses,” said Sandeep Nailwal, Co-Founder of Polygon. “We are excited to be working with NewsCrypto on this and other exciting new collaborations.”
Previously, to move assets from Stellar directly to Polygon, users had to go through Ethereum, but as network traffic for Ethereum increased, so did the fees. With this new Stellar-Polygon bridge, users are offered a near-instant and almost free exchange, thanks to the high throughput of both blockchains. It is also engineered to be as secure as possible, using a decentralized multi-sig scheme and Chainlink Proof of Backup to ensure the correct balance of swap wallets. The system has undergone a thorough audit by Proxima.
The Polygon Ecosystem emerges in 2021 as a major hub for scaling Ethereum-based applications, accumulating more than $10 billion in value locked in the ecosystem via a bridge from Ethereum. By partnering with NewsCrypto, a further $10 billion of value in the XLM ecosystem will be unlocked for use in DeFi. Through Polygon’s good connectivity with other ecosystems, wXLM can be easily moved to Ethereum and many other blockchains.
“NewsCrypto wants to deploy their learning solution stack and become part of the Polygon network. With Stellar – the newest Polygon Bridge designed and developed by NewsCrypto, the Stellar network community can now transfer liquidity and engage with the growing Polygon ecosystem,” said Arjun Kalsy, VP of Growth at Polygon. Vid Gradiar, CEO of NewsCrypto, commented in the same vein “The Stellar Bridge represents an important pivot for us in infrastructure projects. The Stellar ecosystem is criminally underserved by popular interoperability solutions, far less than its capacity. We knew that without us it would be the same, so we went ahead and connected the $10 billion XLM ecosystem to DeFi at Polygon.”
The Stellar Bridge remains the first of many NewsCrypto projects together with the Polygon community, with lending solutions on the platform expected to come in the next few months.