- NewsCrypto is an all-in-one trading platform that focuses on teaching.
- both Stellar and Polygon provide lightning-fast transactions at little cost.
The long-awaited NewsCrypto Stellar-Polygon token bridge is now live on the mainnet, using Chainlink’s Proof of Reserve functionality for maximum protection.
The bridge allows all XLM holders to transfer their tokens from the original Stellar blockchain to Polygon, the biggest full-stack Ethereum scaling solution with a fast-increasing DeFi ecosystem. When users switch XLM tokens to Polygon, they get wXLM tokens, which may be redeemed back to the original Stellar version through the bridge.
Because both chains have minimal gas expenses, the swap charge is simply 1 XLM (regardless of amount) to cover the smart contract and Chainlink Proof of Reserve node transaction costs.
NewsCrypto is an all-in-one trading environment that focuses on teaching, offering both new and experienced traders everything they need to get started in crypto and improve their abilities. Recently, the project has grown to provide new DeFi solutions in collaboration with other protocols and development initiatives.
Chainlink is the de facto standard for hybrid smart contracts. Blockchain developers may use Chainlink Decentralized Oracle Networks to access the greatest collection of high-quality data sources and secure off-chain calculations. A worldwide, decentralized community manages it.
The bridge has been under development for some time, and the public testnet version became online in early October. Now that all improvements have been made and validated, the bridge is ready to allow billions of dollars of Stellar liquidity to access Polygon’s DeFi ecosystem.
Lightning-fast Transactions and Security
Because security is paramount in cross-chain solutions, NewsCrypto deployed Chainlink’s Proof of Reserve function to ensure that balances and transactions are regularly synchronized using independent and trustworthy data sources. So, even if the bridge’s data flow is disrupted, the necessary data is always backed up by a Stellar Chainlink node.
While both Stellar and Polygon provide lightning-fast transactions at little cost, their business cases are vastly different. Stellar is designed to optimize cross-border value transfer for both institutions and regular consumers, whereas Polygon makes EVM-based DeFi protocols available to anyone. With the bridge, users may keep their XLM tokens and spend them on any Polygon Dapp they choose, while DeFi users can trade XLM without switching chains. That said, NewsCrypto is hard at work developing their DeFi protocol, so be sure to follow them on social media for updates!
