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- In a departure from its traditional core business of educating cryptocurrency users, NewsCrypto has joined hands with Polygon to create the first-ever Stellar-Polygon bridge.
- The bridge will offer instant swaps at almost zero fees thanks to the high throughput that both blockchain networks offer.
Polygon has joined hands with NewsCrypto, an all-in-one cryptocurrency suite that has traditionally focused on offering tools for investors to trade digital assets confidently, to launch the first-ever Stellar-to-Polygon bridge. The bridge will improve interoperability between the two blockchains through the use of Wrapped XLM at almost zero fees.
NewsCrypto is a cryptocurrency ecosystem that covers everything from educating the newbies to proprietary trading tools. It also provides traders with charting tools to help even the beginners understand the basics of technical analysis.
In its announcement today, the platform revealed that it had partnered with Polygon to build the bridge. Polygon advanced a grant to NewsCrypto to develop the almost zero-fee bridge between the two thriving ecosystems. It will rely on decentralized multi-sig schemes as well as the Chainlink Proof of Reserve to ensure that the swap wallet balances are always correct. In addition, Proxima has conducted a ‘thorough audit.’
The Chainlink Proof of Reserve is an on-chain reference feed system that provides smart contracts with the data they need to calculate the true collateralization of any on-chain asset backed by off-chain reserves. It debuted in November last year.
NewsCrypto’s “natural evolution”
The Polygon-Stellar bridge has been a long time coming and will connect two of the cryptocurrency world’s most thriving blockchain networks. Polygon has become the go-to network for developers that wish to scale Ethereum-based apps. It boasts of having over $4billion in total value locked in its DeFi platforms.
On its part, the Stellar blockchain will not only benefit from connecting to Polygon, but it will also now see the wrapped XLM (wXLM) possibly portable to Ethereum and several other chains.
Sandeep Nailwal, the Polygon co-founder, remarked:
Having XLM available on the Polygon PoS Chain means it can be used for lending, decentralized trading and any other important DeFi usage. We’re happy to be working with NewsCrypto on this and other exciting new collaborations.
For NewsCrypto, developing the bridge is a departure from its traditional business line, but one that the team is happy to take. In its press release, the firm described the pivot as “a natural evolution.” The team already has experience with Stellar since its native NWC token was deployed on the Stellar blockchain.
Vid Gradišar, the NewsCrypto CEO commented:
The Stellar bridge represents an important pivot for us into infrastructure projects. The Stellar ecosystem is criminally underserved by popular interoperability solutions, far less than its capacity would imply. We knew that without us, it would’ve stayed the same, so we went ahead and connected the $10 billion XLM ecosystem to DeFi on Polygon.
