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:
We’re excited to announce the start of a direct bridge to Polygon from @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
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.
Just over the $ 150 million bridge in #Bitcoin.
Next, stop bridging BTC to start earning on; @ 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 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
That was a long time coming. As early as September last year, the $ REN bridge was the holy grail for our network. However, this is a welcome development and will complement the TVL on $ 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 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.”