Anduro, a layer-2 chain incubated by Marathon Digital Holdings, has introduced a new feature called Portal to Bitcoin. This feature allows users to convert assets like ETH into BTC using atomic swaps on the Lightning network, which is a layer-2 network for Bitcoin.
Marathon Digital Holdings, a publicly-traded company, started incubating Anduro in February. Anduro is described as a platform built on the Bitcoin network that enables the creation of multiple sidechains. The integration of Portal to Bitcoin, a decentralized exchange network based in San Francisco, aims to enhance the utility of the Bitcoin network.
The project was originally known as Portal but has been renamed Portal to Bitcoin to better reflect its connection to the world’s oldest blockchain network. Portal to Bitcoin raised $34 million in a seed round in March to support its development.
Atomic swaps, which allow for peer-to-peer transactions between different blockchains, are a common practice among Ethereum-based assets and other blockchains. However, the use of atomic swaps on Bitcoin is a relatively new development. By incorporating this feature, Anduro aims to bring greater utility to the Bitcoin network.
One interesting aspect of Anduro is its use of merge-mining on sidechains. This process allows participating miners to earn Bitcoin-denominated revenue from transactions that take place on these sidechains while also mining Bitcoin on the main blockchain. This approach could open up new revenue streams for miners and has attracted the attention of Marathon Digital Holdings.
Overall, the integration of Portal to Bitcoin with Anduro represents a significant step forward in enhancing the functionality and utility of the Bitcoin network. By enabling users to convert assets like ETH into BTC through atomic swaps, Anduro is paving the way for new possibilities in the world of decentralized finance. With Marathon’s support and involvement, this project has the potential to drive further innovation and growth in the cryptocurrency space.