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As market slumps, Ren bolsters DeFi liquidity via Fantom, Polygon integrations



As digital asset markets endure a broad pullback, cross-chain bridge protocol Ren has introduced integrations with EMV-compatible chains Fantom and Polygon that might bolster liquidity throughout the DeFi ecosystem. 

In a weblog put up on Friday, Ren introduced that the RenVM bridge now helps the trustless switch of 4 standard cryptocurrencies to Fantom, together with Bitcoin, DOGE, and ZEC. Three extra Fantom bridge belongings are incoming as nicely, together with Filecoin and LUNA. Likewise, in a put up on Wednesday, Ren introduced an identical seven-asset integration with Polygon:

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:

— Polygon (beforehand Matic) (@0xPolygon) Might 27, 2021

The Fantom announcement additionally famous that Ren is “currently working on adding Ren-based assets to Curve, QuickSwap, BadgerDAO, and beyond.” Whereas Ren serves as a bridge between chains, a latest collaboration with BadgerDAO on Ethereum demonstrated {that a} partnership with a DeFi protocol can drive protocol charges and quantity for all events. In Badger’s case, one-click bridge-and-deposit performance has pushed Badger’s WBTC vault to 1 / 4 billion in TVL. 

Per BadgerDAO’s Chris Spadafora, $150 million in BTC has already handed via the joint protocol bridge.

Simply crossed $150M in #Bitcoin via the bridge.

Subsequent cease bridging BTC to earn on;@0xPolygon @FantomFDN @solana

— Spadaboom (@spadaboom1) Might 22, 2021

Sidechains like Fantom and Polygon have turn into more and more in-demand in latest months as builders, buyers, and farmers search for methods to flee Ethereum’s excessive gasoline charges. Previous to the latest market stoop, EMV-compatible chains performed host to implementations of main Ethereum-native DeFi protocols, and sidechain tokens like MATIC have confirmed to be among the many most resilient to the latest bearish worth motion. 

A preferred Fantom group account hailed the trustless bridge because the “holy grail” for the chain, noting that the bridge has the potential to considerably bolster complete worth locked (TVL) metrics for Fantom’s varied DeFi protocols, together with SushiSwap, Curve, and C.R.E.A.M.

This has been a very long time coming. Again in September of final 12 months the $REN bridge was the holy grail for our community. It is a welcome improvement nonetheless and can add to the TVL on $FTM. Which is nice for everybody

Nice job @renprotocol !

— Fantom Group Alerts (@FTMAlerts) Might 28, 2021

“The addition of Fantom will greatly benefit each protocol by bringing more utility to Fantom and even more velocity through RenVM,” mentioned Ren COO Michael Burgess in a weblog put up. “We could not be more excited for this to go live, as it’ll help bolster utility for the entire DeFi ecosystem.”

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