Share this article
Ren has integrated Polygon.
Ren unveils Polygon Bridge
Ren has launched a bridge to Polygon.
The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi ecosystem with obvious benefits for users.” Polygon, which acts as an Ethereum commit-chain, offers a similar experience to DeFi on Ethereum at a fraction of the cost. It’s integrated several Ethereum staples including Aave, Curve, and SushiSwap, and in recent weeks has become a hit with yield farmers looking to deploy their capital.
Ren, also known as RenVM, is a network that allows for cross-chain interoperability. So far it’s been popular for bringing Bitcoin onto DeFi on Ethereum, but it offers compatibility with many other chains.
The Polygon x RenVM Bridge will initially allow DeFi users to move four assets directly onto Polygon without interacting with Ethereum. Those assets are Ren-based versions of Bitcoin, Bitcoin Cash, Dogecoin, and Zcash. After they’ve been added, DigitByte, Filecoin, and Terra will follow.
Once added to Polygon via the bridge, the assets will be available through apps like QuickSwap, Curve, and BadgerDAO. That means DeFi users will be able to earn yield with their assets on the Proof-of-Stake network.
In the blog post announcing the update, Ren COO Michael Burgess said:
“The addition of Polygon support to RenVM will greatly benefit all stakeholders, providing more utility to Polygon and even more velocity through RenVM.”
Polygon has been a busy few months, most recently announcing its long-awaited SDK update. The network will now allow developers to launch their own EMV-compatible chains. Polygon’s co-founder Sandeep Nailwal said that the upgrade marked a step towards a “multi-chain future.”
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, AAVE, CRV, and several other cryptocurrencies. They also had exposure to SUSHI in a cryptocurrency index.
This news was brought to you by ANKR, our preferred DeFi Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Polygon Releases SDK Eyeing “Multi-Chain Future”
Polygon, a scaling and infrastructure development on Ethereum, has launched the first version of its highly-anticipated Polygon software development kit (SDK). Polygon SDK Goes Live Polygon has released its software…
Yield Farmers are Migrating to Polygon
Polygon offers a similar yield farming experience to Ethereum mainnet at a fraction of the cost. Key metrics show that DeFi power users are starting to migrate to the network….
Polygon Launches $40M Liquidity Mining Program with Aave
Polygon is launching a liquidity mining program with hopes of attracting liquidity to its network. Polygon Rewards Liquidity Miners Polygon, one of Ethereum’s most vital scaling solutions, is launching a…
What Are Non-Fungible Tokens (NFTs)?
Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…