Ren launches bridge to Polygon for seven top crypto assets

The new bridge will allow Ren’s ERC-20 representations of BTC, BCH, DOGE, FIL, LUNA, ZEC, and DGB can now be transferred onto the Polygon network.

The launch of the new Polygon x RenVM Bridge was announced to Twitter by Polygon on May 28, who emphasized the bridge will allow Bitcoin and other assets to be used on the high-speed and low-cost layer-two.

Ren and Polygon have teamed up to launch a bridge allowing BTC and other assets to be transferred between Bitcoin and the Ethereum scaling solution.

Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be used on the Polygon network. The assets can already be traded and pooled on top Polygon-based DEX, QuickSwap, with the team also hinting at future yield opportunities for the tokens on Polygon deployments of Curve Finance and BadgerDAO.

Speaking to Cointelegraph, a Ren representative indicated the team plans to launch more bridges to high-speed scalable networks in the near future.

Since launching the RenVM one year ago, Ren has emerged as a leading portal allowing wrapped versions of Bitcoin, Bitcoin Cash, Zcash, and other layer-one assets to be traded on the Ethereum mainnet. Roughly $246.3 million worth of assets were bridged using RenVM over the past seven days.

According to DeFi Llama, the RenVM is currently the 30th-largest decentralized finance protocol with a total value locked, or TVL, of $573 million.

Polygon has recently emerged as the leading layer-two scaling solution by TVL and the second-largest DeFi protocol overall with roughly $10.3 billion worth of assets currently held on the network. On May 25, it was announced that famed billionaire investor Mark Cuban had invested in Polygon.

However, competition among layer-twos is heating up, with Arbitrum targeting its mainnet launch for May 28, and Optimism aiming to go live in July.

Read Entire Article


Add a comment

  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%
  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%