LFG Market Integrates Portal to Offer Trustless Cross-Chain Ordinals Trading

[PRESS RELEASE San Francisco, US, July 17th, 2023]

Portal, a self-hosted pockets and true cross-chain Layer-2 DEX constructed on Bitcoin is thrilled to announce that LFG Market, a market for Ordinal NFTs and Bitcoin-based BRC-20 tokens, has chosen to combine the Portal DEX protocol to supply customers cross-chain buying and selling of Ordinals and BRC-20 tokens. The mixing of Portal DEX will make cross-chain transactions between Bitcoin and different digital property quick, safe, and personal.

With this, LFG customers will have the ability to buy the Ordinal NFTs and BRC-20 tokens utilizing property from different chains, akin to Ethereum, with out bridges or custodians. Using Portal’s “cross-chain Atomic Swaps” know-how for funds in any NFT market is a monumental “first” within the NFT ecosystem.

“LFG is in search of options that permit ETH and different NFT collectors seamless entry to Ordinal buying and selling, and we discovered Portal to be one of the best answer accessible. So it makes complete sense to combine Portal’s DEX protocol,” mentioned LFG Market Co-founder Jason Rosenstein.

The creation of Ordinal inscriptions on the Bitcoin blockchain has led to over $210 million in Ordinals buying and selling quantity, in keeping with the newest quarterly report by DappRadar. With DEXes gaining a stronger foothold within the crypto business, the curiosity in NFTs on Bitcoin is barely anticipated to shoot up sooner or later. Based on Nansen, 4% of the US inhabitants owns an NFT; however it was virtually non-existent on Bitcoin till the Ordinals revolution in 2023.

For Ordinals to really take off as the worth layer for knowledge and knowledge, cross-chain options are wanted to carry the a lot greater non-Bitcoin NFT audiences from throughout the blockchain area to entry Bitcoin Ordinals with safety and trust-minimization. Whether or not it’s Eth NFT followers or Solana NFT followers, there nonetheless is not any capacity to change their treasured NFTs in a trust-minimized approach throughout chains. “Bridge” options and wrappers are cumbersome, usually custodial, and extremely weak to safety threats.

Portal’s “cross-chain Atomic Swaps” performance being constructed into LFG Market and different DEXes permits for stablecoin funds – that in the present day solely exist on EVM-compatible chains – seamless entry to Bitcoin BRC-20 and Ordinal purchases.

Whereas the LFG Market at present accepts funds solely in BTC, different tokens akin to ETH, USDC, USDT, and even tokens on Layer 2 EVMs like Arbitrum and others will likely be accepted after integrating the Portal DEX protocol. Since Portal’s Atomic Swaps function at Layer 2 with out bridging, it’s each the most secure and least-expensive method to commerce cross-chain. Portal is engaged on supporting as many suitable blockchains, wallets, and DeFi apps as attainable.

Portal CEO Chandra Duggirala mentioned, “Primarily based on our analysis, we all know that market and DEX operators worth UX and liquidity. We’ve labored tirelessly to make sure that our infrastructure integrates easily with their current setups, minimizing engineering overhead, whereas cross-chain liquidity aggregation helps them enhance volumes and provide extra property and options to their customers.”

Portal believes that blockchains are “specialised” and that every chain is optimized to do one factor, on the expense of different tradeoffs. Bitcoin is purpose-designed to be sound, peer-to-peer cash with superior censorship resistance. Ethereum, alternatively, was designed for composable utility. By enabling seamless swapping of property between incompatible chains, Portal helps combination liquidity throughout many chains, ending the fragmentation downside and serving to marketplaces like LFG and others develop their person bases and worth propositions.

About LFG Market

LFG’s mission is to create a platform that simplifies and enhances the buying and selling means of Ordinals and BRC-20 tokens. LFG is a seamless and environment friendly buying and selling setting that enriches the digital asset ecosystem and facilitates novel monetary interactions on high of Bitcoin.

About Portal

Portal is constructing the cross-chain DEX protocol and ecosystem instruments to assist DEXes and customers seamlessly personal, change and contract throughout blockchains whereas minimizing custodial danger. With Portal, DeFi turns into a service that anybody can present, sustaining anonymity inside open, clear markets with a safety mannequin as strong as Bitcoin mining.