The integration allows users to use their Bitcoin, Bitcoin Cash, Zcash and Dogecoin with dApps on Polygon
Ren announced yesterday on its blog the launch of the first direct bridge to RenVM (Ren Virtual Machine). This bridge will connect users to the Polygon network.
Ren, originally known as Republic, aims to make decentralized finance (DeFi) more accessible through interoperability and provision of liquidity between different blockchain platforms.
Since 2020, RenVM has allowed users to transfer assets such as Bitcoin, Bitcoin Cash, and Zcash to decentralized applications (dApps) on Ethereum. Now users can also deposit and withdraw native Ren assets directly to Polygon.
With the launch of the new RenBridge, users will be able to mint and burn Bitcoin, Zcash, Bitcoin Cash and Dogecoin on Polygon in the form of renBTC, renZEC, renBCH and renDOGE. Soon DigiByte, Filecoin and Terra will also be supported.
Ren-based assets will soon become available for all dApps in the Polygon ecosystem, starting with QuickSwap, BadgerDAO, Curve Finance and Varen Finance. Developers can also use the RenJS Software Development Kit( SDK) to create cross-chain dApps on Polygon.
Sandeep Nailwal, co-founder of Polygon commented: „The Ren protocol has been a leader in bridging the gap between Bitcoin and DeFi. We are thrilled that Polygon has been selected as the first direct bridge integration for RenVM. We look forward to helping DeFi grow on Polygon and providing greater access to the DeFi ecosystem on Polygon through the RenVM bridge.“
The bridge to Polygon offers DeFi users benefits such as faster transactions and lower fees compared to Ethereum. In fact, Polygon can process up to 65,000 transactions per second on a single-sided chain, with block confirmation time less than two seconds. That’s why a lot of Ethereum dApps have integrated into Polygon lately.
Earlier this week, Polygon announced the launch of its own Polygon SDK, with the goal of transforming Ethereum into a full-fledged multi-chain ecosystem and establishing Polygon as the leading scaling and infrastructure platform for Ethereum.
With all these developments and milestones for Polygon, it is not surprising that the network-owned cryptocurrency MATIC is now leading the recovery after last week’s slump. At the time of writing, MATIC is trading at $ 1.85, an increase of 73% since the beginning of this week and an annual profit to date of 10,350%.