RenVM announced its first direct bridge with polygon to offer high-speed and low-cost transactions. Users can use layer two networks through this bridge for bitcoin and other assets. Users can directly deposit/withdraw native Ren-assets to a polygon using this bridge, without going through Ethereum.
RenBridge will allow users to connect BTC, ZEC, BCH and DOGE with other assets soon to go live. Native assets that will be available for direct deposit/withdraw on polygon are $renBTC, $renBCH, $renDGB, $renDOGE, $renFIL, $renLUNA, and $renZEC.
Ren Protocol COO Michael Burgess said, “The addition of polygon support to REnVM will greatly benefit all stackholder, providing more utility to polygon and even more velocity through RenVM. We could not be more thrilled for this to go live as it will benefit all of Defi.”
The RenVM integration allows Ren-related assets to work on polygon enabling Ren-based assets on all dApps within the ecosystem. This starts with QuickSwap, Curve Finance, Quickswap, Varen, BadgerDAO, and will add more in future. The third-party developers can develop Cross-Chain Dapps on Polygon with the RenJS SDK.
Polygon Co-founder Sandip Nailwal commented that, “The Ren Protocol has been a leader in bridging the gap between Bitcoin and DeFi, and we’re thrilled to have Polygon chosen as the first direct bridge integration for RenVM. We look forward to supporting and helping DeFi on Polygon grow, and bring greater access to Polygon’s DeFi ecosystem through the RenVM bridge.”
Also Read: Optimism Collaborates With Etherscan To Create Optimistic Ethereum
Polygon platform use for ETH scaling and infrastructure development. The main component is polygon SDK that supports building and connecting secured chains like Plasma, optimistic Rollups, and many more. Recently, Billionaire Mark Cuban announced that he invested in Polygon.
RenVM is an open protocol that provides inter-blockchain liquidity access and permissionless transfer of value between the blockchain.
