Portal uses Bitcoin Layer-2 network Lightning to allow users to convert assets like ETH into BTC through atomic swaps.
In addition to introducing greater utility to Bitcoin, Anduro could provide an opportunity for further revenue streams for miners, hence Marathon’s involvement.
Anduro, a multi-chain layer-2 network incubated by bitcoin miner Marathon Digital Holdings (MARA), has incorporated the decentralized exchange network (DEX) Portal to Bitcoin – previously known simply as Portal – with the aim of increasing usability on the world’s oldest to increase. blockchain network.
The publicly traded Marathon began incubating Anduro in February as a “platform built on the Bitcoin network that enables the creation of multiple sidechains.”
The integration with San Francisco-based fintech provider DEX Network coincides with a renaming of the project to Portal to Bitcoin, according to an emailed announcement shared with CoinDesk on Wednesday.
Formerly known as Portal, the company raised a $34 million seed round in March and is using the Bitcoin Layer-2 network Lightning to allow users to convert assets like ETH into BTC using atomic swaps – peer -to-peer transactions where cryptocurrencies can be converted into BTC. be exchanged on different blockchains.
Such a practice is common with Ethereum-based assets and other blockchains, but is a much more recent development with Bitcoin.
In addition to introducing greater utility to Bitcoin, Anduro could provide an opportunity for further revenue streams for miners; hence Marathon’s involvement.
Anduro’s sidechains use a process called merge mining, where participating miners can earn income in Bitcoin from transactions occurring on these chains while continuing to mine Bitcoin on the base layer.
Read more: Crypto for Advisors: Layer 2s and the Evolution of Bitcoin