Brock Pierce's PACT SWAP extends its capabilities, now including exchange services for Dogecoin and Polygon.
In a recent development, Brock Pierce, co-founder at PACT SWAP Labs, has expressed excitement about the potential of PACT SWAP, a decentralized cross-chain protocol built on Coinweb's smart contract system. Pierce believes that true cross-chain transactions without the need for bridges represent a significant leap forward for the crypto market's overall structure.
PACT SWAP's primary objective is to lower fees drastically, aiming for a reduction of up to 95% compared to legacy cross-chain approaches, making it an attractive option for Bitcoin traders. The protocol allows trades to happen directly between different blockchains, a feature that sets it apart from other cross-chain setups.
One of the key advantages of PACT SWAP is its ability to deliver stronger capital efficiency while reducing operational risks. Unlike other cross-chain solutions, PACT SWAP coordinates native asset execution across incompatible chains, ensuring seamless transactions. Every swap on the protocol is 2x overcollateralized and enforced by on-chain logic via the collateralized PACT framework. This means that if one of the parties fails to settle, the system automatically grants the other side compensation, providing an additional layer of security.
Pierce also expressed hope that the addition of Polygon and Dogecoin support would open up a path for users and builders across key ecosystems. Interestingly, Bitwise has recently filed a registration for a Dogecoin ETF, which could further bolster the adoption of PACT SWAP.
However, further information about the background organisation of PACT SWAP could not be found in the search results. Nonetheless, the potential benefits of PACT SWAP in terms of cost, efficiency, and security make it an exciting development in the crypto space. As more details emerge about the project, its impact on the crypto market structure is expected to become more apparent.
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