Saturday, July 31, 2021

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

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

In a weblog submit on Friday, Ren introduced that the RenVM bridge now helps the trustless switch of 4 widespread cryptocurrencies to Fantom, together with Bitcoin, DOGE, and ZEC. Three further Fantom bridge property are incoming as nicely, together with Filecoin and LUNA. Likewise, in a submit on Wednesday, Ren introduced the same seven-asset integration with Polygon:

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The Fantom announcement additionally famous that Ren is “at the moment engaged on including Ren-based property to Curve, QuickSwap, BadgerDAO, and past.” Whereas Ren serves as a bridge between chains, a recent 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 by way of the joint protocol bridge.

Sidechains like Fantom and Polygon have grow to be more and more in-demand in current months as builders, traders, and farmers search for ways to escape Ethereum’s high gas fees. Previous to the current market droop, EMV-compatible chains played host to implementations of major Ethereum-native DeFi protocols, and sidechain tokens like MATIC have confirmed to be among the many most resilient to the recent bearish price action

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

“The addition of Fantom will drastically profit every protocol by bringing extra utility to Fantom and much more velocity by way of RenVM,” stated Ren COO Michael Burgess in a weblog post. “We couldn’t be extra excited for this to go dwell, because it’ll assist bolster utility for your entire DeFi ecosystem.”