June 20, 2021

PC TECH THERAPY

PC Tech Therapy Blog by Daniyal Computer

As marketplace slumps, Ren bolsters DeFi liquidity by the use of Fantom, Polygon integrations

3 min read



As virtual asset markets endure a vast pullback, cross-chain bridge protocol Ren has introduced integrations with EMV-compatible chains Fantom and Polygon that would bolster liquidity around the DeFi ecosystem. 

In a weblog submit on Friday, Ren introduced that the RenVM bridge now helps the trustless switch of 4 in style cryptocurrencies to Fantom, together with Bitcoin, DOGE, and ZEC. 3 further Fantom bridge belongings are incoming as smartly, together with Filecoin and LUNA. Likewise, in a submit on Wednesday, Ren introduced a identical seven-asset integration with Polygon:

The Fantom announcement additionally famous that Ren is “these days operating on including Ren-based belongings to Curve, QuickSwap, BadgerDAO, and past.” Whilst Ren serves as a bridge between chains, a contemporary collaboration with BadgerDAO on Ethereum demonstrated {that a} partnership with a DeFi protocol can power protocol charges and quantity for all events. In Badger’s case, one-click bridge-and-deposit capability has pushed Badger’s WBTC vault to 1 / 4 billion in TVL. 

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

Sidechains like Fantom and Polygon have turn into increasingly more in-demand in contemporary months as builders, buyers, and farmers search for techniques to flee Ethereum’s excessive fuel charges. Previous to the hot marketplace stoop, EMV-compatible chains performed host to implementations of primary Ethereum-native DeFi protocols, and sidechain tokens like MATIC have confirmed to be a few of the maximum resilient to the hot bearish worth motion

A well-liked Fantom group account hailed the trustless bridge because the “holy grail” for the chain, noting that the bridge has the possible to seriously bolster overall worth locked (TVL) metrics for Fantom’s quite a lot of DeFi protocols, together with SushiSwap, Curve, and C.R.E.A.M.

“The addition of Fantom will very much receive advantages every protocol by way of bringing extra application to Fantom and much more speed via RenVM,” mentioned Ren COO Michael Burgess in a weblog submit. “Shall we now not be extra excited for this to head are living, because it’ll lend a hand bolster application for all of the DeFi ecosystem.”