Home Crypto Polygon Announces the Launch of a Direct Bridge by Ren Protocol

Polygon Announces the Launch of a Direct Bridge by Ren Protocol

Polygon introduced Thursday to launch a direct bridge to Polygon by Ren open protocol, citing its official Twitter.

The launch of the new Polygon x RenVM Bridge will support customers in transferring different digital foreign money property reminiscent of BTC directly to Polygon Network, beforehand often known as Matic Network, in a extra environment friendly and lower-cost method.

Ren is an open protocol that permits the motion of worth between blockchains. Investors can mint and burn BTC, BCH, DOGE, LUNA, and ZEC on Ethereum & BSC via RenBridge.

According to official paperwork, Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred on the Polygon community via the new Polygon x RenVM Bridge, which solely must pay minimal gasoline charges with out operating on Ethereum community.

At current, 4 varieties of property, together with BTC, ZEC, BCH, and DOGE, have been built-in, and the remaining three cryptocurrencies integration will even be launched shortly.

 

Source: DEFI PULSE

According to DeFi Pulse knowledge, RenVM ranks as the twenty first largest DeFi protocol with a complete locked worth (TVL) of $421.1 million.

At the identical time, Polygon has lately develop into TVL’s main second-layer scaling resolution and the largest Defi cost protocol. The complete worth of property held on the community is at the moment roughly $10.3 billion. Its native token, MATIC, has develop into the 14th largest cryptocurrency asset by market capitalization with a market cap of $13,642,837,186, in keeping with Coinmarketcap.

Polygon’s formally announced Wednesday that polygon had been efficiently listed on the Mark Cuban Companies web site as one of his holdings.

Image supply: Shutterstock

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