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- Cross-chain bridge protocol Ren announces integration with EMV-compatible chains
- The measure will boost liquidity across DeFi platforms
- Sidechains help to offset high gas prices
As the crypto platforms sag under their weight, a new trend is sweeping across DeFi platforms. Integration is the new answer to a broad pullback in the asset markets.
Cross-chain bridge protocol Ren has announced integration with EMV-compatible chains Fantom and Polygon. The measure will increase liquidity across the Decentralized Finance platforms which run most of the cryptocurrencies.
Integration is the need of the hour
In a blog post, Ren the Cross-chain bridge protocol announced that its RenVM bridge will now enable the transfer of four popular digital coins to Fantom. The digital coins include Bitcoin, DOGE, and Z.E.C. Additionally, three more Fantom bridge assets are also in the pipeline and include Filecoin and LUNA. Ren, in a post, had earlier announced seven-asset integration with Polygon. It is also working on adding Ren based assets to Curve, QuickSwap, and BadgerDAO.
Ren acts as a bridge between chains, much akin to a recent partnership with BadgerDAO on Ethereum. A collaboration with a DeFi protocol enables it to drive protocol fees and volume for all parties. The one-click–bridge –deposit feature has allowed badger W.B.T.C. vault to a quarter billion in T.V.L. Chris Spadafora BadgerDAO’s has revealed that $150 million in BTC has already passed via the bridge protocol.
Helps to bypass high processing fees
Ethereum’s high gas fees have prompted more and more investors to use Sidechains like Fantom and Polygon in recent months. Developers, investors, and farmers use Sidechains to bypass the high gas fees. Before the recent slump in the crypto trade EMV-compatible, chains have been linked to Ethereum-native DeFi protocols. Sidechain tokens such as M.A.T.I.C. have helped investors weather the current bearish price action.
The trustless bridge has been hailed by the Fantom community and even dubbed as the holy grail for the chain. The bridge can boost total value locked (T.V.L.) metrics for Fantom’s various DeFi protocols, including SushiSwap, Curve, and CREAM. The fact that the integration of Fantom will significantly benefit each protocol and increase the speed of transactions through RenVM. Ren C.O.O. Michael Burgess stated this in a blog post.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
