With this new bridge, Ren’s ERC-20 representations of BTC, DOGE, LUNA, BCH, DGB, ZEC, and FIL will get a chance to get transferred seamlessly onto the Polygon network. On Thursday May 27, Polygon announced on Twitter of the launch of a new Polygon x RenVM bridge. From the announcement, Polygon emphasized that this bridge will allow the seven top crypto assets to be used on the high-speed and low-cost layer-two network.
🔥 Excited to announce the launch of a direct bridge to Polygon by @renprotocol!
🌉 With the Polygon x RenVM Bridge, users can move #BTC and many more assets directly to Polygon, enabling high-speed, low-cost txns for these assets.
🌐 Start bridging now: https://t.co/91xPP2E2cp pic.twitter.com/E9AkveROGR
— Polygon | $MATIC 💜 (@0xPolygon) May 27, 2021
Polygon and Ren have teamed up to ensure this bridge is set in motion successfully so that Bitcoin (BTC) and other assets can be transferred between Bitcoin and the Ethereum scaling solution. Ren’s ERC-20 representations of the seven top crypto assets can now be used on the polygon network, and these crypto assets include Bitcoin (BTC), Dogecoin (DOGE), Terra (LUNA), Bitcoin Cash (BCH), DigiByte (DGB), Zcash (ZEC), and Filecoin (FIL).
Using the Polygon-based decentralized exchange QuickSwap, these assets can be pooled and traded. The Ren team also hinted that in the near future, more yield opportunities will be available for tokens on Polygon deployments of BadgerDAO and Curve Finance.
Since the RenVM got launched an year ago, Ren has come out on top as one of the leading portals that allows wrapped versions of crypto assets such as BTC, BCH, ZEC, among other layer-one assets that can be traded on the Ethereum mainnet. Judging by activities experienced over the last seven days, approximately $246.3 million worth of assets were bridged using RenVM.
A quarter of a billion USD bridged through the protocol within the last seven days, one of the highest volume weeks to date.
Volatility strengthens #RenVM https://t.co/S2RBK2d2aS pic.twitter.com/4dqH2l4cBM
— Ren (@renprotocol) May 26, 2021
DeFiLlama notes that the RenVM has a total value locked of $573 million, making it the 30th-largest decentralized finance protocol.
In recent times, Polygon has emerged on top of its competitors as a layer-two scaling solution by TVL. In addition, being the second-largest decentralized finance protocol has given it the might to amass assets with approximately $10.3 billion worth of assets that the network currently holds.
Mark Cuban, the famed billionaire investor, saw the great potential held by Polygon and invested in it, as it was announced on Tuesday. However, more layer twos are cropping up and giving the predecessors a chance to revamp their strategies. A good example would be Arbitrum, which has targeted its mainnet launch for Friday. Optimism is also up and running and it aims to go live in July.
Image courtesy of Polygon
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