Portal Is Integrating Chainlink Price Feeds, Bringing Hyper-Reliable Price Data to Bitcoin-Based DEX

Portal—a cross-chain DEX that makes atomic transactions between Bitcoin and other digital assets fast, secure, and private—is integrating Chainlink Price Feeds. By integrating the industry-leading decentralized oracle network, Portal will have access to the most secure and high-quality price data feeds needed to reliably facilitate atomic swaps across the Bitcoin Network and other blockchains.

We chose Chainlink as our preferred decentralized oracle network because it is the most widely used and time-tested price oracle solution in the blockchain ecosystem. Chainlink Price Feeds leverage multiple layers of decentralization and are supported by an extensive number of premium data providers, making them ideal for fulfilling the price data component of Portal’s DEX. They have a proven history of securely delivering price data to leading DeFi protocols, helping secure over $80 billion across the multi-chain ecosystem.

Portal’s Layer 2 and Layer 3 technology simplifies building censorship-resistant communications, media, and one-click execution of cross-chain transactions on top of the Bitcoin blockchain. It facilitates the private, off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more. In every instance, the technology is peer-to-peer, without third-party custody or control.

By integrating Chainlink Price Feeds into Portal’s DEX network, we will be able to seamlessly provide cross-chain atomic swap functionality in a decentralized manner. Price data provided by the Chainlink Network is mission-critical because it helps ensure that when users are making a cross-chain transaction, they are getting prices that reflect broad market coverage.

We decided to integrate Chainlink Price Feeds because they provided a multitude of superior features, such as:

• High-Quality Data—Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
• Secure Node Operators—Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion. 
• Decentralized Network—Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
• Transparency—Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.

As the Portal DEX expands its cross-chain atomic swap offerings, the wide range of Chainlink Price Feeds currently available makes scaling simple and efficient. Moving forward, the Portal team is looking into leveraging Chainlink’s secure off-chain computation services to help build a more user-friendly product. Specifically, Chainlink Keepers, a decentralized smart contract automation service, can help reliably and cost-efficiently automate DEX order execution through limit orders, stop-losses, and more. 

Portal Executive Chairman Dr. Chandra Duggirala said of the integration, “Portal is excited to announce that it’s adopting Chainlink Price Feeds to enable Portal users to transact with peers in a reliable manner based on fair-market prices, helping reduce friction and ensure the oracle mechanism powering Protocol is fully decentralized. Going forward, we’re excited to continue leveraging Chainlink’s industry standard oracle infrastructure to help the Portal client app automate several transaction types such as limit orders and stop limits.” 

About Portal

Portal is DeFi built on Bitcoin. It makes trade unstoppable with anonymous, zero-knowledge transactions via the first true cross-chain DEX that’s trust-minimized. It eliminates minting wrapped coins (ie wBTC, wETH) or risky staking with intermediaries. 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. 

Portal’s Layer 2 and Layer 3 technology enables building censorship-resistant communications, media and one-click cross-chain swaps, all on Bitcoin. 

For media inquiries, please contact: George Burke, [email protected]

For further information, visit: https://portaldefi.com/

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.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.