The launch of the brand new Polygon x RenVM Bridge was introduced to Twitter by Polygon on Might 28, who emphasised the bridge will permit Bitcoin
The launch of the brand new Polygon x RenVM Bridge was introduced to Twitter by Polygon on Might 28, who emphasised the bridge will permit Bitcoin and different belongings for use on the high-speed and low-cost layer-two.
Ren and Polygon have teamed as much as launch a bridge permitting BTC and different belongings to be transferred between Bitcoin and the Ethereum scaling answer.
Excited to announce the launch of a direct bridge to Polygon by @renprotocol!
With the Polygon x RenVM Bridge, customers can transfer #BTC and lots of extra belongings on to Polygon, enabling high-speed, low-cost txns for these belongings.
Begin bridging now: https://t.co/91xPP2E2cp pic.twitter.com/E9AkveROGR
— Polygon (beforehand Matic) (@0xPolygon) Might 27, 2021
Ren’s ERC-20 representations of Bitcoin, Bitcoin Money, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be used on the Polygon community. The belongings can already be traded and pooled on high Polygon-based DEX, QuickSwap, with the workforce additionally hinting at future yield alternatives for the tokens on Polygon deployments of Curve Finance and BadgerDAO.
Chatting with Cointelegraph, a Ren consultant indicated the workforce plans to launch extra bridges to high-speed scalable networks within the close to future.
Since launching the RenVM one yr in the past, Ren has emerged as a number one portal permitting wrapped variations of Bitcoin, Bitcoin Money, Zcash, and different layer-one belongings to be traded on the Ethereum mainnet. Roughly $246.three million price of belongings had been bridged utilizing RenVM over the previous seven days.
In accordance with DeFi Llama, the RenVM is at present the 30th-largest decentralized finance protocol with a complete worth locked, or TVL, of $573 million.
Polygon has just lately emerged because the main layer-two scaling answer by TVL and the second-largest DeFi protocol general with roughly $10.three billion price of belongings at present held on the community. On Might 25, it was introduced that famed billionaire investor Mark Cuban had invested in Polygon.
Nonetheless, competitors amongst layer-twos is heating up, with Arbitrum concentrating on its mainnet launch for Might 28, and Optimism aiming to go reside in July.