This week we finally released the long awaited Stellar-Polygon bridge on Mainnet. The Bridge enables all XLM holders to swap their tokens and put them to work in numerous DeFi protocols Polygon has to offer. When a user swaps their XLM tokens over to Polygon, they receive Wrapped Stellar Lumens (wXLM), which can always be redeemed for the native version on Stellar through the NWC bridge. Taking the low fees on both networks into account, the swap fee of only 1 XLM doesn’t come as a surprise. On one hand both Stellar and Polygon have extremely cheap and fast transactions, but on the other hand the two chains have very different use cases. Stellar is mostly built to optimize cross-border value transfer for both institutions and everyday users while Polygon focuses on DeFi protocols. Our Bridge in a way connects both worlds and allows you to get the best of both of them.
What is really significant about it, is the fact that it opens the door to billions of dollars of liquidity on Stellar, which has a Market Cap of almost $10 billion. This money can now access countless DeFi Protocols on Polygon. All this, however, is only the first step of NewsCrypto’s development on Polygon, as our team is already working hard on a cutting-edge DeFi protocol of our own.
Another important aspect of the bridge is security, which is without a doubt essential when it comes to any cross-chain solution. This is precisely the reason why we implemented Chainlink Proof of Reserve to make sure that the balances and transactions are constantly synced up, hence even if the data flow of the bridge itself is somehow compromised, the relevant data is always backed up by an independent Chainlink oracle solution on Stellar that constantly monitors all transactions.
This week we’ve also updated our Whitepaper and Litepaper to completely align them with our mission. The first one is available here and the second one is available here. Make sure you check out at least the shorter version in the Litepaper, to deepen your understanding of our goals and aims for the future.
Lastly, we’ve also announced that our development department is developing a proprietary tool that will help you prevent trading losses. We haven’t yet revealed what tool it is, but only briefly described its properties. We’ll continue updating you on all major accomplishments (including the details on the upcoming revolutionary tool) through our social media channels, especially Twitter, so make sure you follow us there to stay up to date with our progress.
As for our regular posts, this week’s Market Price report was about Terra Protocol (LUNA), while the FA report covered Milc Platform (MILC). Our weekly How-to Crypto explained Options Trading in a simple yet thorough way. This week we’ve also shared the second Newsco Weekly Report that covered everything from BTC reaching a new ATH, to the Central Bank of Nigeria reaffirming its intention of introducing its digital currency.