With the digital asset markets experiencing a general decline, the bridge protocol is between chains Reindeer announced integrations with EMC-compliant chains, Fantom and Polygon, This could boost liquidity across the DeFi ecosystem.
In a blog post on Friday, Ren announced that the RenVM bridge now enables the trustless transfer of four popular cryptocurrencies to Fantom, including Bitcoin, DOGE and ZEC. Three other Fantom Bridge assets also arrive, including Filecoin Y. MOON. In a post on Wednesday, Ren also announced a similar integration of seven assets into Polygon:
Excited to announce the launch of a direct bridge to Polygon from @enprotocol!
The Polygon x RenVM Bridge allows users to move #BTC and many other assets directly to Polygon, which enables fast and inexpensive shipments for these assets.
Start bridging now: https://t.co/91xPP2E2cp pic.twitter.com/E9AkveROGR
– Polygon (previously Matic) (@ 0xPolygon) May 27, 2021
We’re excited to announce the start of a direct bridge to Ren’s Polygon! With the Polygon-to-RenVM Bridge, users can move BTC and many other assets directly into Polygon, enabling quick and inexpensive transactions for these assets.
Fantom’s announcement noted this too Ren “is currently working on adding Curve, QuickSwap, BadgerDAO, and other Ren-based assets.” While Ren serves as a bridge between chains, a recent collaboration with BadgerDAO at Ethereum has shown that partnering with a DeFi protocol can increase commissions and protocol volume for all parties. In Badger’s case, the one-click bridge and deposit feature brought Badger’s WBTC vault to a quarter trillion dollars in Total Locked Value (TVL).
according to Chris Spadafora, by BadgerDAO, BTC worth $ 150 million has already been moved through the common bridge of the protocol.
I just passed $ 150 million #Bitcoin through the bridge.
Next stop bridging BTC to keep earning;@ 0xPolygon @FantomFDN @Solarium https://t.co/JcMrGFAFI7
– Spadaboom (@ spadaboom1) May 22, 2021
The $ 150 million bitcoin mark that was moved across the bridge has just passed. At the next stop, BTC won against Polygon, Fantom and Solana.
Sidechains like Fantom and Polygon have grown in demand in recent months as developers, investors, and income farms look for ways to avoid high gas fees on the Ethereum network. Prior to the recent market crash, EMV-compliant chains were home to implementations of Ethereum’s native DeFi protocols, and sidechain tokens such as MATIC have proven to be the most resilient to recent price declines.
A popular Fantom community account called Trustless Bridge the “Holy Grail” for the chain, noting that it has the potential to significantly improve TVL metrics for the various DeFi protocols in Fantom, including SushiSwap, Curve and CREAM
That took a long time. The $ REN Bridge was the holy grail for our network. However, this is a welcome development and will continue to complement the TVL $ FTM. Which is good for everyone
Well done @enprotocol ! https://t.co/pjlpaHvRps
– Fantom Community Alerts (@FTMAlerts) May 28, 2021
It took too long. Last September, the Ren Bridge was the holy grail of our network. However, this is a welcome development to be added to Fantom’s TVL. Which is good for everyone. Excellent work Ren’s team!
“The addition of Fantom will greatly benefit any protocol as Fantom brings more utility and even more speed through RenVM.” Ren’s Chief Operating Officer said: Michael Burgess, in a blog post. “We couldn’t be more excited as this will help bolster the benefits for the entire DeFi ecosystem.”