- A month ago, NewsCrypto teamed up with Polygon.
- NewsCrypto announced that the Polygon token bridge that they developed is now live on mainnet.
A month ago, NewsCrypto teamed up with Polygon to improve interoperability and connect the Polygon network to Stellar, creating Wrapped XLM (wXLM) tokens that will be used in Polygon’s decentralized finance (DeFi) ecosystem.
The bridge has been in development for some time, and the public testnet version went live early October. Now, with everything completed and thoroughly tested, the bridge is ready to create opportunities for billions of dollars of liquidity on Stellar to access all that Polygon’s DeFi ecosystem has to offer.
On October 27, NewsCrypto announced that the long-awaited Stellar – Polygon token bridge that they developed is now live on mainnet. What’s more, the bridge has integrated Chainlink’s Proof of Reserve feature to ensure the highest possible security.
According to the company, the bridge allows all XLM holders to swap their tokens from the native Stellar blockchain over to Polygon, the largest full-stack scaling solution with a rapidly growing DeFi ecosystem. In addition, it enables Polygon’s users to have exposure to XLM without having to go to a different network.
Expanding further, the firm said that when users swap their XLM tokens to Polygon, they receive wXLM (wrapped XLM) tokens. And as per the team, this can always be redeemed back to the native version on Stellar through the bridge.
The exciting thing about this bridge is that the swap fee is only 1 XLM on any amount. Yet, it includes the transaction costs for the smart contract and the Chainlink Proof of Reserve node. In fact, it is because both chains have very low gas fees.
Moreover, NewsCrypto stressed that it implemented Chainlink’s Proof of Reserve feature to ensure that the balances and transactions are constantly synced up using independent and trustworthy data sources. By doing this, “even if the data flow of the bridge itself is somehow compromised, the relevant data is always backed up by an independent Chainlink node on Stellar,” says NewsCrypto.
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