Polygon announced on Twitter about the launch of their new Polygon x RenVM Bridge. The partnership between Ren and Polygon for launching the new bridge will enable the use of Bitcoin and other assets on the high-speed and low-cost layer-two. This means the Polygon x RenVM Bridge will allow BTC and other cryptos to be transferred between the scaling solutions of Bitcoin and Ethereum.
Ren’s ERC-20 representations of Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Filecoin (FIL), Terra (LUNA), Zcash (ZEC), and DigiByte (DGB) can now be used on the Polygon network. The digital assets can be traded and pooled on top Polygon-based DEX, QuickSwap. The team has also hinted that there could be tokens’ future yield opportunities on Polygon’s deployments of Curve Finance and BadgerDAO.
A representative of Ren has indicated that the team is planning to launch more such bridges for high-speed scalable networks in the future. Ren had launched the RenVM one year back. This open protocol providing access to inter-blockchain liquidity for all decentralized applications, bringing BTC, BCH, ZEC, and other cryptos to your Ethereum app.
RenVM has allowed wrapped versions of various cryptocurrencies and other layer-one assets to be traded on the Ethereum mainnet. In the last 7-days, around US$246.3 million worth of assets has been bridged with the help of this RenVM open protocol.
As per DeFi Llama, RenVM is the 30th largest decentralized finance protocol having a total value locked (TVL) of US$573 million. Polygon, on the other hand, has emerged as the leading layer-two scaling solution in terms of TVL.
In fact, Polygon is also the 2nd largest DeFi protocol having around US410.3 billion worth of assets currently held on the network. Polygon got a shot in the arm on May 25, 2021, when the famed billionaire investor Mark Cuban invested in the network. Polygon-based DFYN has reported that its user base has grown by 128% in the last 24-hours.
The competition among layer-two scaling solutions is heating up. While Arbitrum is all set to launch its mainnet on May 28, 2021, Optimism is trying to go live in July 2021.
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