As the digital asset markets suffer a widespread retreat, the cross-chain bridge protocol Ren has announced integrations with EMV-compatible chains Fantom and Polygon that could boost liquidity across the DeFi ecosystem.
In a blog post on Friday, Ren announced that the RenVM Bridge will now support the trustless transfer of four popular cryptocurrencies to Fantom, including Bitcoin, DOGE and ZEC. Three other Fantom Bridge assets are also coming in, including Filecoin and LUNA. In a post on Wednesday, Ren also announced a similar integration of seven assets with Polygon:
Excited to announce the launch of a direct bridge to Polygon through @renprotocol!
With the Polygon x RenVM Bridge, users can move #BTC and many more assets directly to Polygon to enable fast and inexpensive Txns for those assets.
Start bridging now: https://t.co/91xPP2E2cp pic.twitter.com/E9AkveROGR
– Polygon (formerly Matic) (@ 0xPolygon) May 27, 2021
The Fantom announcement also noted that Ren “is currently working on adding Ren-based assets to Curve, QuickSwap, BadgerDAO and beyond”. While Ren serves as a bridge between chains, a recent collaboration with BadgerDAO at Ethereum has shown that partnering with a DeFi protocol can increase protocol fees and protocol volume for all parties. In Badger’s case, one-click bridge-and-deposit functionality brought Badger’s WBTC vault to a quarter of a billion TVL.
According to BadgerDAO’s Chris Spadafora, BTC has already passed the joint protocol bridge for $ 150 million.
I just crossed $ 150M in #Bitcoin through the bridge.
Next, stop bridging BTC to make money: @ 0xPolygon @FantomFDN @solana https://t.co/JcMrGFAFI7
– Spadaboom (@ spadaboom1) May 22, 2021
Sidechains like Fantom and Polygon have grown in demand over the past few months as developers, investors, and farmers look for ways to evade Ethereum’s high gas fees. Before the recent market slump, EMV-compatible chains hosted implementations of key Ethereum-native DeFi protocols, and sidechain tokens like MATIC have proven to be the most resilient to the recent declining price movement.
A popular Fantom community account described the trusted bridge as the “holy grail” for the chain and stated that the bridge has the potential to improve Total Value Locked (TVL) metrics for Fantom’s various DeFi protocols, including SushiSwap , Curve and CREAM
That took a long time. As early as September last year, the $ REN bridge was the holy grail for our network. However, this is a welcome development and will expand the TVL to $ FTM. Which is good for everyone
Great job @renprotocol! https://t.co/pjlpaHvRps
– Fantom Community Alerts (@FTMAlerts) May 28, 2021
“The addition of Fantom will greatly benefit any protocol as RenVM gives Fantom even more utility and speed,” said Michael Burgess, Ren’s COO, in a blog post. “We couldn’t be more excited to see this go live as it will help add value to the entire DeFi ecosystem.”