NewsCrypto Integrates Chainlink Proof of Reserve to Help Secure the Stellar — Polygon Bridge

The long-awaited Stellar — Polygon token bridge, developed by NewsCrypto, is now live on mainnet and has integrated Chainlink Proof of Reserve to help ensure the highest possible standard of security.

The bridge gives all XLM holders the ability to swap their tokens from the native Stellar blockchain over to Polygon — the full-stack Ethereum scaling solution with a rapidly growing DeFi ecosystem.

The bridge also provides Polygon users the opportunity to have exposure to XLM without having to go to a different blockchain. When a user swaps their XLM tokens to Polygon, they receive wrapped XLM (wXLM) tokens, which can always be redeemed for the native version on Stellar via the bridge. Given that both chains have very low gas fees, the swap fee is only 1 XLM regardless of the wrapped amount. The swap fee covers the transaction costs for the smart contract and the Chainlink Proof of Reserve feed.

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

About NewsCrypto

NewsCrypto is an all-in-one trading ecosystem that is primarily focused on education, giving both beginners and expert traders alike everything they need to step into the world of crypto and take their skills to the next level. Recently, the project has expanded to providing novel solutions for DeFi in partnership with different protocols and development-focused projects.

DETAILS:

https://newscrypto.medium.com/newscrypto-integrates-chainlink-proof-of-reserve-to-help-secure-the-stellar-polygon-bridge-5caefb273392

Source: https://thebittimes.com/newscrypto-integrates-chainlink-proof-of-reserve-to-help-secure-the-stellar-polygon-bridge-tbt5598.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Chain news

Post by: TheBitTimes.com