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Portal brings De-Fi to Bitcoin, Nakamoto style

Exclusive Research

  • Portal De-Fi brings atomic-swap-powered private p2p trades to Bitcoin.
  • With a token sale this October, investors can whitelist now.
  • The project’s focus seems vague: Internet of Finance something something.
  • Exciting tech and a great team make whitelisting a no-brainer.

Nuclear-powered peer-to-peer trading incoming

Atomic swaps have nothing to do with nuclear waste. Invented in 2013, they facilitate a peer-to-peer swap of coins across blockchains. They’re called atomic because they either happen 100% and in one block, or not at all. Furthermore, no trust between the parties is necessary and no intermediary either.

Portal uses anonymised atomic swaps that can also be split into multiple, smaller transactions thanks to peer-to-peer zero-knowledge circuits of its base protocol layer called Fabric.

Initially, swaps between Ethereum and Bitcoin are supported. Portal’s team will expand this to EVM chains and other Bitcoin clones such as Litecoin and children. The Fabric protocol, which the swaps run on, is a Bitcoin Layer two solution. Portal brings De-Fi to Bitcoin.

The US-based startup attracted $8.5m in funding from investors like Coinbase Ventures, Arrington XRP Capital and OKEx.

Portal has a token (of appreciation)

Breaking with the initial and plainer implementation of atomic swaps, Portal will instead have market makers facilitating peer-to-peer trades. These can earn fees in the form of a token. While its Telegram group talks about an already oversubscribed token sale, investors still can whitelist their interest via the project’s website.

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Their Twitter account already has more than 64,000 followers and is growing with the speed of a spaceship.

Exchange tokens bring a lot of utility and have mostly fared well. Numbrs has covered BNB and, to a lesser extent FTT, if you want to dive deeper.

Portal’s whitelisting form talks about prioritising investors in order of strategic importance. If you can bring something to the table, be sure to let them know in the form. The token will be an ERC20 token initially, so an ETH wallet address is required.

Stargate or Black HoleRisk

De-Fi on Bitcoin sounds fantastic and the team around CEO Eric Martindale managed to attract some significant tech talent and develop an extraordinary piece of technology. Actual rocket science at work.

Nevertheless, the chat quality on their Telegram group is reminiscent of the 2017 ICO craze and has endless variations of “Wen token?” and “Wen Lambo? Strong fundamentals!”. It is not inspiring at all.

The whole scope of the project seems a bit wide, which should raise scepticism. Here is an excerpt of a paid article: “The features provided by Portal are vast and include peer-to-peer lending and borrowing, spot markets, as well as options.” Others even talk about messaging and social networks on top of Fabric.

While the hyperbole is understandable, it remains to be seen if the team will execute with a clear focus.

Conclusion

Portal is an exciting project. Whitelisting for a potential place in the token sale is a no-brainer. The tech is there, and it looks fantastic. The team has a ton of experience and a substantial network.

Watch out for scope creep or overpromising and underdelivering.

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

The full article is only available for Numbrs clients.

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