Two Months Of Acceleration | August & October In Review

It hasn’t been six months since Portals successfully concluded its first funding round, securing 2 million USD.

May 31, 2024

It hasn’t been six months since Portals successfully concluded its first funding round, securing 2 million USD to advance the industry’s most comprehensive DeFi aggregator and usher in an era of One-Click DeFi. In this short span of time, we’ve achieved significant milestones and noteworthy events. There have been so many, in fact, that it might become difficult to keep up! The past two months have been particularly fruitful.

In this update, we want to provide our community, as well as newcomers, an overview of our latest and greatest achievements. Let’s dive in.

Milestones & Highlights

Portals Secures $500k Seed Extension

Initiated due to popular demand, our Seed Extension has now successfully concluded

When demand is high, increase the supply. Our first funding round in May had been a massive success, further solidifying the industry’s need for a streamlined DeFi experience. Soon after, we became inundated with further requests to financially contribute to the project. The Seed Extension was a direct answer to these requests and closed successfully mid-September.

As Portals co-founder Suhail Gangji posited, “the additional capital allows us to build faster as we unravel the intricacies of tokens, protocols, and chains for a broader audience. Navigating DeFi should be as easy as we can make it.”

Portals x Gelato: The Galaxy Broadcasting System

The future of DeFi shouldn’t include worrying about Gas Fees; we’ll make sure of that

Ask any trader about their main source of annoyance and they may just tell you, “Gas Fees”. We couldn’t agree more. That’s why we partnered up with Gelato to create the Galaxy Broadcasting System, using account abstraction and intents to enable gasless approvals and the payment of gas fees with a vast range of Portals-compatible tokens.

Together, we’re not pioneering Gasless Transactions, but evolving it beyond what’s currently in the space. We hope to collaborate more with Gelato in the future, along with other industry innovators, to achieve our vision of DeFi.

For a more detailed technical explanation, you can read the full article:One-click DeFi | Gasless Swaps & Zaps

Portals Compatibility Expansion

Expansion is set to be a constant in the development of Portals. In an industry that shifts and changes with the speed of technology itself, our compatibility, integration, and support of protocols and networks has to keep up (and pre-empt) the movements of the sector.

Network support means a new world to offer to both Portals app users & Portals API Builders. On one side of the coin, users are immediately provided with a host of new swap & zap abilities on their preferred network; on the other side of the coin, the indexing of the network provides DeFi Builders with access to a vast amount of chain data, all collected through our integrated protocols.

This is why our recent support for the BASE and Gnosis Chain networks are so powerful; each transaction and network action is mapped.

BASE & Gnosis Chain, the two latest networks to gain Portals support

In the case of BASE, the Coinbase-backed Ethereum L2, news of our support was swiftly followed by a host of protocol integrations, including BaseSwap, SynthSwap, AlienBase, SwapBased, and more. Some of the integrations even contained words that were neither Base nor Swap!

A selection of recent protocol integrations

Support for Gnosis Chain, one of the first Ethereum sidechains, closed out the month of September. You can expect additional protocols on Gnosis Chain to get their moment in the integration-spotlight in the coming weeks.

That’s not to say that these protocols, once integrated, remain static. The Portals team is constantly working on expanding the possibilities of our stable of protocols. After all, each supported network expands the possibilities and reach of Portals.

A recent example can be seen in our Beefy Finance expansion, which gained multiple DEX routes on BASE and a host of other networks supported by Beefy.

You can find the full details here:
Announcing Beefy Finance Protocol Expansion

Expansion of the Beefy Finance integration serves as an example of the continuous growth of Portals’ reach

An Evolving Offering

Portals’ offering of integrated protocols and networks expands based on a host of factors, including demand, network maintenance, development standards, community support, and more. At times, we will make a conscious choice to deprecate our support of certain infrastructures as a means of assuring focus and streamlining experience for our users.

We’re currently seeing a lack of support, software updates, and transaction volume on the Fantom network, which is why we’ve chosen to remove compatibility on the app and stop indexing the network. We will reassess our support should the parameters (or our criteria) change.

The deprecation of network support will be a rare occurrence, but one we felt necessary to be shared with the community. The removal of Fantom does not, however, impact our extensive pipeline of additional network support incoming, including zkSync, Polygon zkEVM, and many more.

What’s Next?

You can expect things to ramp up from here! October is looking to be a pivotal month, with multiple public forums planned to give our community a chance to ask their most pressing questions, along with a major escalation of our Portals API Builder support…

But let’s keep some things a secret for now.
We’ll see you at the next update!