Decentralized finance protocols Badger DAO and RenVM have introduced at this time the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that can enable Bitcoin () holders to convey their BTC to Ethereum and deposit it into yield-bearing vaults, purportedly with a single click on.
“The Badger Bridge is the primary of its sort to allow customers to earn yield on their tokenized Bitcoin instantly, all whereas transacting inside the identical app. What was once an arduous course of to acquire yield in your Bitcoin is now just some brief clicks,”a weblog put up from the Badger workforce. “With the launch of the Bridge inside the Badger App, now we have taken a major step in the direction of realizing the Badger mission of being the one-stop store for customers to place their Bitcoin to work.”
The announcement notes that since June 2020, RenVM’s “wBTC.cafe has been liable for efficiently minting over 25,000 BTC,” or $1.3 billion in BTC, to Wrapped Bitcoin (WBTC) conversions. Customers of the rebranded Ren bridge are additionally incentivized with upward of $6 million in BADGER and artificial Bitcoin DIGG rewards: “Badger is incentivizing the switch of as much as 100,000 BTC ($5B) with practically $6MM in consumer rewards to be paid out in 25,000 $BADGER and 100 $DIGG.”
“BadgerDAO is turning into the one cease store for BTC in DeFi, and RenVM is underpinning this performance by offering seamless interoperability for his or her customers,” RenVM chief working officer Michael Burgess mentioned of the combination. “Collectively we’re really increasing breadth and utility for that Bitcoin, and all of DeFi.”
The combination through Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s wBTC.cafe web site to BadgerDAO’s Badger Bridge web page. Ren will proceed to offer the infrastructure for the swaps, nonetheless.
Burgess mentioned that the choice was pushed by an effort to streamline the consumer expertise in relation to wrapping Bitcoin and utilizing it as collateral within the DeFi ecosystem.
“We needed to strengthen our relationship with the BadgerDAO workforce and actually make it the go to position for placing your BTC to work, so it’s a pure match. Additional, it helps from a UX perspective by consolidating this functionally for customers beneath one roof.”
Using a second protocol on the again finish bears similarities toto construct a WBTC vault. Whereas Yearn strategists developed the vault, entry to it’s hosted on Badger’s web site with a small “Yearn” tag, and the 2 protocols will cut up the vault’s charges. It’s presently beneath a guarded launch, with over $9 million in BTC locked incomes an over 125% annual proportion yield.
Badger presently accounts for $999 million in complete worth locked. Each BADGER and REN are up on the day after weeklong pullbacks, rising 9.28% to $28.91 and seven.86% to $0.8497, respectively.