The launch of the brand new Polygon x RenVM Bridge was introduced to Twitter by Polygon on May 28, who emphasised the bridge will enable Bitcoin and different assets to be used on the high-speed and low-cost layer-two.
Ren and Polygon have teamed up to launch a bridge permitting BTC and different assets to be transferred between Bitcoin and the Ethereum scaling answer.
Excited to announce the launch of a direct bridge to Polygon by @renprotocol!
With the Polygon x RenVM Bridge, customers can transfer #BTC and lots of extra assets immediately to Polygon, enabling high-speed, low-cost txns for these assets.
— Polygon (beforehand Matic) (@0xPolygon) May 27, 2021
Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be used on the Polygon community. The assets can already be traded and pooled on top Polygon-based DEX, QuickSwap, with the crew additionally hinting at future yield alternatives for the tokens on Polygon deployments of Curve Finance and BadgerDAO.
Speaking to Cointelegraph, a Ren consultant indicated the crew plans to launch extra bridges to high-speed scalable networks within the close to future.
Since launching the RenVM one 12 months in the past, Ren has emerged as a number one portal permitting wrapped variations of Bitcoin, Bitcoin Cash, Zcash, and different layer-one assets to be traded on the Ethereum mainnet. Roughly $246.3 million price of assets had been bridged utilizing RenVM over the previous seven days.
According to DeFi Llama, the RenVM is presently the 30th-largest decentralized finance protocol with a complete worth locked, or TVL, of $573 million.
Polygon has not too long ago emerged because the main layer-two scaling answer by TVL and the second-largest DeFi protocol total with roughly $10.3 billion price of assets presently held on the community. On May 25, it was introduced that famed billionaire investor Mark Cuban had invested in Polygon.
However, competitors amongst layer-twos is heating up, with Arbitrum concentrating on its mainnet launch for May 28, and Optimism aiming to go dwell in July.