Blockchain

With the market downturn, Ren enhanced DeFi liquidity through Fantom and Polygon integration

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As the digital asset market suffers a widespread correction, the cross-chain bridge protocol Ren announced the integration with EMV compatible chains Fantom and Polygon, which can enhance the liquidity of the entire DeFi ecosystem.

In a blog post on Friday, Ren announced that the RenVM bridge now supports the trustless transfer of four popular cryptocurrencies to Fantom, including Bitcoin, DOGE, and ZEC. Three additional Fantom bridge assets are also coming soon, including Filecoin and LUNA. Similarly, in a post on Wednesday, Ren Zhengfei announced a similar seven-asset integration with Polygon:

Fantom’s announcement also pointed out that Ren “is currently working on adding Ren-based assets to Curve, QuickSwap, BadgerDAO, etc..” Ren serves as a bridge between chains, Recent cooperation with BadgerDAO on Ethereum It proves that cooperation with the DeFi agreement can promote agreement fees and transaction volume for all parties. In Badger’s case, the one-click bridge deposit function has pushed the TVL of Badger’s WBTC vault to 2.5 billion.

According to Chris Spadafora of BadgerDAO, $150 million in BTC has passed the joint agreement bridge.

In recent months, as developers, investors, and farmers have sought out sidechains such as Fantom and Polygon have become more and more popular Ways to evade Ethereum’s high gas fees. Before the recent market downturn, EMV compatible chains Presided over the implementation of the main Ethereum native DeFi protocol, And sidechain tokens like MATIC have proven to be Most resilient to recent bearish price movements.

A popular Fantom community account referred to the trustless bridge as the “Holy Grail” of the chain, and pointed out that the bridge has the potential to significantly enhance the total value lock (TVL) indicators of Fantom’s various DeFi protocols, including SushiSwap, Curve and CREAM

Ren’s chief operating officer Michael Burgess said in his blog: “The addition of Fantom will bring more utility to Fantom and get higher speeds through RenVM, which will greatly benefit from each agreement.” postal“We are very excited about this because it will help enhance the effectiveness of the entire DeFi ecosystem.”