Ren launches bridge to Polygon for seven top crypto assets

Ren launches bridge to Polygon for seven top crypto assets

Bitcoin
May 27, 2021 by J.D. Smith
25
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
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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.