As digital asset marketplaces undergo a broad pullback, cross-chain bridge protocol Ren has declared integrations with EMV-appropriate chains Fantom and Polygon that could bolster liquidity throughout the DeFi ecosystem.
In a web site article on Friday, Ren introduced that the RenVM bridge now supports the trustless transfer of four preferred cryptocurrencies to Fantom, which includes Bitcoin, DOGE, and ZEC. 3 further Fantom bridge property are incoming as perfectly, like Filecoin and LUNA. Similarly, in a write-up on Wednesday, Ren declared a equivalent 7-asset integration with Polygon:
Psyched to announce the launch of a direct bridge to Polygon by @renprotocol!
With the Polygon x RenVM Bridge, customers can go #BTC and numerous extra assets specifically to Polygon, enabling significant-speed, low-charge txns for these property.
Get started bridging now: https://t.co/91xPP2E2cp pic.twitter.com/E9AkveROGR
— Polygon (previously Matic) (@0xPolygon) Could 27, 2021
The Fantom announcement also observed that Ren is “currently operating on incorporating Ren-primarily based assets to Curve, QuickSwap, BadgerDAO, and outside of.” Though Ren serves as a bridge involving chains, a modern collaboration with BadgerDAO on Ethereum demonstrated that a partnership with a DeFi protocol can drive protocol charges and volume for all functions. In Badger’s circumstance, one particular-click bridge-and-deposit operation has pushed Badger’s WBTC vault to a quarter billion in TVL.
For every BadgerDAO’s Chris Spadafora, $150 million in BTC has presently passed through the joint protocol bridge.
Just crossed $150M in #Bitcoin via the bridge.
Upcoming quit bridging BTC to generate on@0xPolygon @FantomFDN @solana https://t.co/JcMrGFAFI7
— Spadaboom (@spadaboom1) May perhaps 22, 2021
Sidechains like Fantom and Polygon have turn into more and more in-demand from customers in new months as developers, investors, and farmers appear for methods to escape Ethereum’s superior gasoline fees. Prior to the the latest sector slump, EMV-compatible chains performed host to implementations of big Ethereum-indigenous DeFi protocols, and sidechain tokens like MATIC have proven to be between the most resilient to the new bearish value action.
A preferred Fantom neighborhood account hailed the trustless bridge as the “holy grail” for the chain, noting that the bridge has the possible to noticeably bolster whole worth locked (TVL) metrics for Fantom’s various DeFi protocols, including SushiSwap, Curve, and C.R.E.A.M.
This has been a long time coming. Again in September of final year the $REN bridge was the holy grail for our network. This is a welcome growth having said that and will insert to the TVL on $FTM. Which is superior for absolutely everyone
Excellent work @renprotocol ! https://t.co/pjlpaHvRps
— Fantom Group Alerts (@FTMAlerts) May possibly 28, 2021
“The addition of Fantom will enormously reward each and every protocol by bringing more utility to Fantom and even more velocity via RenVM,” reported Ren COO Michael Burgess in a web site publish. “We could not be additional enthusiastic for this to go reside, as it’ll support bolster utility for the complete DeFi ecosystem.”