Decentralized finance (DeFi) protocols Badger DAO and RenVM have introduced as we speak the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge
Decentralized finance (DeFi) protocols Badger DAO and RenVM have introduced as we speak the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that may enable BTC holders to deliver their Bitcoin to Ethereum and deposit it into yield-bearing vaults purportedly with a single click on.
“The Badger Bridge is the primary of its sort to allow customers to earn yield on their tokenized Bitcoin instantly, all whereas transacting throughout the identical app. What was an arduous course of to acquire yield in your Bitcoin is now just some brief clicks,” reads a weblog submit from the Badger staff. “With the launch of the Bridge throughout the Badger App, now we have taken a big step in direction of realizing the Badger mission of being the one-stop store for customers to place their Bitcoin to work.”
The announcement notes that since June of 2020, RenVM’s “wBTC.cafe has been liable for efficiently minting over 25,000 BTC,” or $1.three billion in Bitcoin to wrapped Bitcoin conversions. Customers of the rebranded Ren bridge are additionally incentivized with upwards of $6 million in $BADGER and artificial Bitcoin $DIGG rewards: “Badger is incentivizing the switch of as much as 100,000 BTC ($5B) with practically $6MM in consumer rewards to be paid out in 25,000 $BADGER and 100 $DIGG”
“BadgerDAO is changing into the one cease store for BTC in DeFi, and RenVM is underpinning this performance by offering seamless interoperability for his or her customers,” RenVM COO Michael Burgess stated of the combination. “Collectively we’re actually increasing breadth and utility for that Bitcoin, and all of DeFi.”
The combination by way of Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s wBTC.cafe web site to BadgerDAO’s Badger Bridge web page. Ren will proceed to supply the infrastructure for the swaps, nevertheless.
Burgess stated that the choice was pushed by an effort to streamline the consumer expertise in terms of wrapping Bitcoin and utilizing it as collateral within the DeFi ecosystem.
“We wished to strengthen our relationship with the BadgerDAO staff and actually make it the go to put for placing your BTC to work, so it’s a pure match. Additional, it helps from a UX perspective by consolidating this functionally for customers beneath one roof.”
Using a second protocol on the backend bears similarities to Badger’s latest settlement with Yearn to construct a WBTC vault. Whereas Yearn strategists developed the vault, entry to it’s hosted on Badger’s web site with a small “Yearn” tag and the 2 protocols will break up the vault’s charges. It’s at the moment beneath a guarded launch with over $9 million in BTC locked incomes over 125% APY per yr.
Badger at the moment accounts for $999 million in whole worth locked. Each $BADGER and $REN up on the day after weeklong pullbacks, rising 9.28% to $28.91 and seven.86% to $0.8497, respectively.