News encryption It will work with Polygon to improve interoperability and connect the Polygon blockchain to Stellar to create Wrapped XLM (wXLM) tokens that can be used in Polygon’s DeFi ecosystem.
this News encryption The platform is an all-in-one encryption suite. It is known for providing all users with a comprehensive set of encryption tools that can help users conduct transactions regardless of their current level of knowledge. The company has now received funding from Polygon to develop an advanced, low-cost bridge connecting the two ecosystems. The partnership is a natural evolution of NewsCrypto and represents a departure from its core business.
Newscrypto’s NWC token was originally starWith this prior knowledge, the NewsCrypto team has the necessary experience to build an interoperable platform with Stellar, linking the XLM ecosystem with DeFi opportunities on Polygon.
Polygon – The protocol and framework used to build and connect a blockchain network compatible with Ethereum. I am very happy to cooperate with NewsCrypto to build the Stellar-Polygon bridge.
Polygon co-founder Sandeep Nailwal said: “The use of XLM on the Polygon PoS chain means that it can be used for lending, decentralized transactions, and any other important DeFi applications.” “We are very happy to work with NewsCrypto on this and other orders. Exciting new cooperation.”
Previously, to transfer assets directly from Stellar to Polygon, users had to go through Ethereum, but when Ethereum’s network traffic increases, the fee will also increase. Due to the high throughput of the two blockchains, through this new Stellar-Polygon bridge, users can obtain near-instant exchange and almost zero fees. It is also designed to be as secure as possible, using a decentralized multi-signature scheme and Chainlink’s proof of reserve to ensure the correct balance of the exchange wallet. The system has been thoroughly audited by Proxima.
The Polygon ecosystem became the main hub for expanding Ethereum-based applications in 2021, collecting more than US$10 billion locked in the ecosystem through a bridge from Ethereum. By cooperating with NewsCrypto, another 10 billion US dollars of value in the XLM ecosystem will be unlocked for DeFi. Through Polygon’s good connection with other ecosystems, wXLM can be easily ported to Ethereum and many other blockchains.
“NewsCrypto is looking to deploy their learning solution stack and become part of the Polygon network. With the latest Stellar-Polygon bridge designed and developed by NewsCrypto, the Stellar online community can now transfer liquidity and interact with Polygon’s growing ecosystem,” Polygon Said Arjun Kalsy, vice president of growth. Vid Gradišar, CEO of NewsCrypto, commented in a similar way: “The Stellar Bridge is an important fulcrum for our entry into infrastructure projects. Popular interoperability solutions are seriously underserving the Stellar ecosystem, far below its capacity. Implied. We knew it would stay the same without us, so we continue to connect the $10 billion XLM ecosystem to DeFi on Polygon.”
Nevertheless, the Stellar Bridge is the first of many NewsCrypto projects with the Polygon community, and the lending solution on the platform is expected to be launched in the next few months.