News24 September 2021

New NewsCrypto-Polygon partnership to Create First Stellar-Polygon Bridge

NewsCrypto-Polygon partnership to Create First Stellar-Polygon Bridge

Summary

  • NewsCrypto has announced a partnership with Polygon
  • The project will connect the Polygon blockchain to Stellar
  • The Stellar-Polygon bridge will offer fast swaps and low fees

NewsCrypto has announced a partnership with Polygon. The project is meant to improve interoperability and connect the Polygon blockchain to Stellar. It will also facilitate the creation of wXLM (Wrapped XLM) tokens, usable on the Polygon DeFi ecosystem. Using the grant from Polygon, NewsCrypto will develop an advanced, reduced fee bridge to connect the stellar and Polygon ecosystems.

"NewsCrypto is looking to deploy their learning solution stack and becoming a part of the Polygon network. With the newest Stellar - Polygon bridge designed and developed by NewsCrypto, the Stellar network community can now transfer liquidity and engage with Polygon's growing ecosystem,” - Arjun Kalsy, VP Growth at Polygon.

The Stellar-Polygon bridge will offer fast swaps and low fees, facilitated by the high throughput of both blockchains. The bridge will be made using decentralized multi-sig schemes and Chainlink’s Proof of Reserve for improved safety and ensuring correct swap wallets balances. The system has been thoroughly audited by Proxima.

“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. Having XLM available on the Polygon PoS Chain means it can be used for lending, decentralized trading, and any other important DeFi usage,” - Sandeep Nailwal, Co-Founder of Polygon.

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