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As market slumps, Ren bolsters DeFi liquidity by way of Fantom, Polygon integrations

05/29/2021

The integrations might deliver new belongings to fashionable DeFi platforms amid a market-wide pullback.

As digital asset markets endure a broad pullback, cross-chain bridge protocol Ren has introduced integrations with EMV-compatible chains Fantom and Polygon that might bolster liquidity throughout the DeFi ecosystem. 

In a weblog put up on Friday, Ren introduced that the RenVM bridge now helps the trustless switch of 4 fashionable cryptocurrencies to Fantom, together with Bitcoin, DOGE, and ZEC. Three extra Fantom bridge belongings are incoming as properly, together with Filecoin and LUNA. Likewise, in a put up on Wednesday, Ren introduced the same seven-asset integration with Polygon:

The Fantom announcement additionally famous that Ren is “at the moment engaged on including Ren-based belongings to Curve, QuickSwap, BadgerDAO, and past.” Whereas Ren serves as a bridge between chains, a current collaboration with BadgerDAO on Ethereum demonstrated {that a} partnership with a DeFi protocol can drive protocol charges and quantity for all events. In Badger’s case, one-click bridge-and-deposit performance has pushed Badger’s WBTC vault to 1 / 4 billion in TVL. 

Per BadgerDAO’s Chris Spadafora, $150 million in BTC has already handed by way of the joint protocol bridge.

Sidechains like Fantom and Polygon have change into more and more in-demand in current months as builders, buyers, and farmers search for methods to flee Ethereum’s excessive fuel charges. Previous to the current market hunch, EMV-compatible chains performed host to implementations of main Ethereum-native DeFi protocols, and sidechain tokens like MATIC have confirmed to be among the many most resilient to the current bearish value motion. 

A preferred Fantom neighborhood account hailed the trustless bridge because the “holy grail” for the chain, noting that the bridge has the potential to considerably bolster whole worth locked (TVL) metrics for Fantom’s varied DeFi protocols, together with SushiSwap, Curve, and C.R.E.A.M.

“The addition of Fantom will significantly profit every protocol by bringing extra utility to Fantom and much more velocity by way of RenVM,” stated Ren COO Michael Burgess in a weblog put up. “We couldn’t be extra excited for this to go dwell, because it’ll assist bolster utility for the complete DeFi ecosystem.”