Ren launches bridge to Polygon for seven top crypto assets
Ren and Polygon have collaborated to launch a bridge allowing BTC and other assets to be transferred between Bitcoin and the Ethereum scaling solution.
Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be used on the Polygon network. The assets are already available to be traded and pooled on top Polygon-based DEX, QuickSwap, with the team also hinting at future yield opportunities for the tokens on Polygon deployments of Curve Finance and BadgerDAO.
Ren has emerged as a leading portal since its launch one year ago, allowing wrapped versions of Bitcoin, Bitcoin Cash, Zcash, and other layer-one assets to be traded on the Ethereum mainnet. Approximately $246.3 million worth of assets were bridged using RenVM over the past seven days. The RenVM is currently the 30th-largest DeFi protocol with a total value locked (TVL) of $573 million.
Polygon, previously known as Matic Network has recently emerged as the leading layer-two scaling solution by TVL and the second-largest DeFi protocol overall with roughly $10.3 billion worth of assets currently held on the network. Recently billionaire investor Mark Cuban showed interest and has invested in Polygon.a