Pact Swap now supports Swaps about Dogecoin and Polygon without using wrapped assets or bridges. The two block chains are the latest addition to the reach of supported assets.
Summary
- Pactwap adds support to Polygoon and Dogecoin, making indigenous permissionless swaps possible by the decentralized exchange.
- The protocol is intended to grant customers lower costs and to switch more easily between block chains, even those who are usually incompatible.
In a press release sent to crypto.news, the cross-chain decentralized exchange pact change now makes indigenous permissionless swaps on the Dogecoin and Polygon Blockchain possible. From September 18, Swaps can be made on the cross-chain DEX without the needs of tackled assets, bridges or external validator sets.
Including the two new additions, the exchange now supports Swaps in seven networks, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (Doge), Polygon (Pol) and more.
Co-founder of Polygon, Sandep Nailwal, said that the cross-chain-Liquidity is an essential element for unlocking mainstream crypto-acceptance. The support allows users to easily exchange between assets on the platform.
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“By calling in native swaps without packed assets or bridges, Pact Swap removes one of the biggest pain points for the complexity and the risk of users, while the polygon ecosystem is opened for a wider range of liquidity and use cases,” Nailwal said in his statement.
Following the sentiment of Nailwal, CEO and founder of Dogeos and Mydoge, Jordan Jefferson, said that the more native support there is for the doge -the less friction and complexity there is for users who enter the network.
“More paths to Dogecoin mean more liquidity, more transactions and more opportunities for people to use doge as it is designed: fast, simple and accessible,” Jefferson said.
How does Pact -Swap work?
Pact SWAP is a decentralized cross-chain protocol that strives to give users the same convenience and prices on the same rate with centralized exchanges, but without giving up the security and transparency of Defi.
Pact Swap is built on CoinWeb’s smart contract system and enables transactions to happen directly between different block chains. The protocol coordinates the implementation of the native assets on incompatible chains, while the costs remain low and retain the rapid implementation.
According to the press release, the system focuses on reducing costs by 95% on old cross-chain approaches for Bitcoin transactions.
Each swap on the protocol is 2x overcollateralized and enforced by logic on the chain via the collection pact framework. If one of the parties does not settle, the system automatically grants the other side compensation.
In contrast to other cross-chain setups that can demand 100x to 1000x in collateral, Pact swap claims that it can yield a stronger capital efficiency and at the same time operational risks can be reduced.
Co-founder at Pact Swap Labs, Brock Pierce said that he hopes that the addition of polygon and dogecoin support to Pactswap will open a path for users and builders in important ecosystems, maintaining defi-native security guarantees.
“Real cross-chain without bridges is a jump lead for the crypto-market structure,” said Pierce.
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