[PRESS RELEASE San Francisco, US, July 17th, 2023]
Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin is thrilled to announce that LFG Market, a marketplace for Ordinal NFTs and Bitcoin-based BRC-20 tokens, has chosen to integrate the Portal DEX protocol to offer users cross-chain trading of Ordinals and BRC-20 tokens. The integration of Portal DEX will make cross-chain transactions between Bitcoin and other digital assets fast, secure, and private.
With this, LFG users will be able to purchase the Ordinal NFTs and BRC-20 tokens using assets from other chains, such as Ethereum, without bridges or custodians. Utilizing Portal’s “cross-chain Atomic Swaps” technology for payments in any NFT marketplace is a monumental “first” in the NFT ecosystem.
“LFG is looking for solutions that allow ETH and other NFT collectors seamless access to Ordinal trading, and we found Portal to be the best solution available. So it makes total sense to integrate Portal’s DEX protocol,” said LFG Market Co-founder Jason Rosenstein.
The creation of Ordinal inscriptions on the Bitcoin blockchain has led to over $210 million in Ordinals trading volume, according to the latest quarterly report by DappRadar. With DEXes gaining a stronger foothold in the crypto industry, the interest in NFTs on Bitcoin is only expected to shoot up in the future. According to Nansen, 4% of the US population owns an NFT; but it was almost non-existent on Bitcoin until the Ordinals revolution in 2023.
For Ordinals to truly take off as the value layer for data and information, cross-chain solutions are needed to bring the much bigger non-Bitcoin NFT audiences from across the blockchain space to access Bitcoin Ordinals with security and trust-minimization. Whether it’s Eth NFT fans or Solana NFT fans, there still is no ability to exchange their treasured NFTs in a trust-minimized way across chains. “Bridge” solutions and wrappers are cumbersome, often custodial, and highly vulnerable to security threats.
Portal’s “cross-chain Atomic Swaps” functionality being built into LFG Market and other DEXes allows for stablecoin payments – that today only exist on EVM-compatible chains – seamless access to Bitcoin BRC-20 and Ordinal purchases.
While the LFG Market currently accepts payments only in BTC, other tokens such as ETH, USDC, USDT, and even tokens on Layer 2 EVMs like Arbitrum and others will be accepted after integrating the Portal DEX protocol. Since Portal’s Atomic Swaps operate at Layer 2 without bridging, it is both the safest and least-expensive way to trade cross-chain. Portal is working on supporting as many compatible blockchains, wallets, and DeFi apps as possible.
Portal CEO Chandra Duggirala said, “Based on our research, we know that marketplace and DEX operators value UX and liquidity. We’ve worked tirelessly to ensure that our infrastructure integrates smoothly with their existing setups, minimizing engineering overhead, while cross-chain liquidity aggregation helps them increase volumes and offer more assets and features to their users.”
Portal believes that blockchains are “specialized” and that each chain is optimized to do one thing, at the expense of other tradeoffs. Bitcoin is purpose-designed to be sound, peer-to-peer money with superior censorship resistance. Ethereum, on the other hand, was designed for composable utility. By enabling seamless swapping of assets between incompatible chains, Portal helps aggregate liquidity across many chains, ending the fragmentation problem and helping marketplaces like LFG and others grow their user bases and value propositions.
About LFG Market
LFG’s mission is to create a platform that simplifies and enhances the trading process of Ordinals and BRC-20 tokens. LFG is a seamless and efficient trading environment that enriches the digital asset ecosystem and facilitates novel financial interactions on top of Bitcoin.
Portal is building the cross-chain DEX protocol and ecosystem tools to help DEXes and users seamlessly own, exchange and contract across blockchains while minimizing custodial risk. With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity within open, transparent markets with a security model as robust as Bitcoin mining.