As the market collapses, Ren is bolstering DeFi liquidity through Fantom and Polygon integrations

189
SHARES
1.5k
VIEWS
ADVERTISEMENT

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 now supports the trustworthy 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. Likewise, Ren announced a similar integration with seven assets in Polygon in a post on Wednesday:

Related articles

Fantom’s announcement also indicated that Ren “is currently working on adding Ren-based assets to Curve, QuickSwap, BadgerDAO and beyond”. While Ren serves as a bridge between the chains, a recent collaboration with BadgerDAO on Ethereum has shown that partnering with a DeFi protocol can increase protocol fees and volumes for all parties. In Badger’s case, the one-click bridge-and-deposit functionality has pushed Badger’s WBTC vault to a quarter of a billion TVL.

According to BadgerDAO’s Chris Spadafora, $ 150 million in BTC has already gone through the joint protocol bridge.

Sidechains like Fantom and Polygon have grown in demand over the past few months as developers, investors, and farmers look for ways to escape 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 touted the trusted bridge as the “holy grail” for the chain, noting that the bridge has the potential to change Total Value Locked (TVL) metrics for Fantom’s various DeFi protocols, including SushiSwap, Curve and CREAM

“The addition of Fantom will add great value to any protocol, adding more value to Fantom and even more speed from RenVM,” said Michael Burgess, Ren’s COO, in a blog post. “We’re very excited to see this go live as it will help bolster the benefits for the entire DeFi ecosystem.”