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Cross-chain DeFi interoperability on the agenda as Ren joins Alameda

02/03/2021

Ren is teaming up with Alameda to spice up cross-chain decentralization.

Cross-chain bridge service Ren has introduced that its improvement staff shall be becoming a member of Alameda in response to a weblog publish by CEO Taiyang Zhang.

As a part of the announcement, Zhang revealed that the main target of the transfer is on enabling Solana (SOL) assist on RenVM — the undertaking’s cross-chain liquidity protocol launched again in Might 2020.

In keeping with the Zhang, improvement work on the mixing is at the moment being audited with full deployment anticipated to start by the summer season.

Commenting on the upcoming Solana integration, the Ren protocol CEO remarked:

“The upcoming assist for Solana, and integration into Serum, will assist carry much more quantity and customers to RenVM, solidifying it as the very best utilization interoperability community. RenVM will see new and various belongings, new customers, and elevated price income for its node operators.”

Zhang mentioned that the partnership with Alameda will discover channels for attaining better decentralization of its RenVM protocol. Certainly, each companions will work on the testnet and mainnet implementations of Greycore.

For Zhang, the implication of such pursuits is geared in direction of bettering cross-chain interoperability within the increasing decentralized finance area. Ren’s chief working officer Michael Burgess informed Cointelegraph:

“This collaboration will definitely be a boon for interoperability inside DeFi. Not solely will becoming a member of Alameda assist expedite RenVM’s technological decentralization, however the Ren staff could have all of Alameda’s assets at their disposal.”

In keeping with the Ren COO, the platform has already processed over $2.4 billion in cross-chain quantity indicating the numerous market validation for decentralized finance interoperability. By partnering with Alameda, Burgess says the Ren staff will be capable of benefit from the analysis agency’s experience in areas like operational development and neighborhood governance infrastructure, amongst others.

As beforehand reported by Cointelegraph, Solana’s buying and selling quantity has seen a big improve in current weeks as merchants search options to Ethereum. Again in January, the Solana Basis introduced a $5 million improvement fund to spice up its development in Southeast Asia.