Ren, the personnel at the relief of the interoperability blockchain project RenVM, has presented its integration with Solana with the launching of a bridge for Bitcoin and other resources.
Ren Launches Bridge For Four Crypto Resources
Announcing the blending in a blog submit, Ren talked about it would be including toughen for tokenized versions of Bitcoin and other resources on the platform.
Ren-basically based mostly tokens of Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Zcash (ZEC) can now be dilapidated on the Solana network via Ren’s bridge. It additionally plans to be able to add other resources be pleased DigiByte (DGB), Terra (LUNA), and Filecoin (FIL) later on.
Formerly is mostly known as Republic Protocol, Ren acts as a bridge between diversified blockchain resources thru a custodial node resolution.
With this pass, Ren goals to dispute its bridge to ship extra resources to Solana (SOL), thereby bringing extra job to the network. The platform would enable users to mint tokenized versions of the asset they devise onto the bridge.
The project talked about in its statement that it would work to assemble determined that that Ren’s representation of the resources are adopted one day of the Solana network, making bid reference to initiatives be pleased Serum, Mango, Oxygen, and Step Finance.
Michael Burgess, Chief Working Officer of Ren, described Solana as a network that “brings a special build of parts to the Layer One build, at the side of a rising ecosystem and neighborhood.”
Solana is a fancy open-offer blockchain project pondering about providing a highly scalable, stable, and maximally decentralized platform. It processes transactions at the next tempo and lowers costs than the Ethereum blockchain.
The blockchain, which is incessantly dubbed the Ethereum killer, has a entire lot of decentralized exchanges (DEXes) and protocols built on the platform. Some of them encompass Serum, Raydium, KIN, Audius, Mango Markets, Bonfida, Maps.me, Pyth Community, USDC, Phantom wallet, and additional.
Ren Current For Bringing Bitcoin Onto DeFi Blockchains
Ren is known for its imaginative and prescient of connecting various blockchains thru contemptible-chain interoperability. Up to now, the project has efficiently supplied ways to dispute Bitcoin in decentralized finance platforms.
Because it launched the RenVM one 365 days ago, Ren has transform a number one portal that lets in wrapped versions of Bitcoin, Bitcoin Cash, Zcash, and other layer-one resources to be traded on the Ethereum mainnet.
In accordance with information aggregator, DeFiLlama, the RenVM is currently the 30th-largest decentralized finance protocol with a total fee locked of $517 million.
Ren’s integration with Solana comes after it partnered with Alameda Be taught to ship Solana-basically based mostly resources to Ethereum’s DeFi network in February. This partnership would undercover agent Ren work with Solana one day of 2021 to expand utility for every protocols.