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Polygon Partners With RenVM Bridge for High-Speed, Low-Cost Transactions

Polygon-Partnered-with-RenVM-Bridge
  • RenVM’s first direct bridge partners with Polygon.
  • Providing users the benefits of high-speed and low-cost transactions.
  • RenBridge allows BTC, ZEC, BCH, and DOGE to connect soon with other assets.

RenVM’s first direct bridge partners with Polygon providing users the benefits of high-speed and low-cost transactions. Moreover, this collaboration allows the RenVM Bridge to add support for Polygon allowing users to take assets directly to Polygon.

More so, RenVM is an open protocol that provides inter-blockchain liquidity access and permissionless transfer of value between any blockchain. Without going through Ethereum, the RenVM Bridge allows users to deposit and withdraw native Ren-assets directly to Polygon.

Added to this, RenBridge allows users to connect BTC, ZEC, BCH, and DOGE with other assets soon to go live. Even more, the native asset that will be available for direct deposit or withdrawal on Polygon includes the following pairs: $renBTC/BTC, $renBCH/BCH, $renDGB/DGB, $renDOGE/DOGE, $renFIL/FIL, $renLUNA/LUNA, and $renZEC/ZEC on Polygon.

The RenVM integration will allow Ren-related assets to work on Polygon, enabling the addition of Ren-based assets on all decentralized applications (DApps) within the ecosystem. This starts with Quickswap, Curve Finance, QuickSwap, Varen, BadgerDAO, and more will add soon to the list.

In addition, the third-party developers can develop Cross-Chain DApps on Polygon with the RenJS SDK.

Ren Protocol COO Michael Burgess adds,

The addition of Polygon support to RenVM will greatly benefit all stakeholders, providing more utility to Polygon and even more velocity through RenVM. We could not be more thrilled for this to go live as it will benefit all of DeFi.

Added to this Polygon Co-Founder Sandeep Nailwal explained that the Ren Protocol stays as a leader in connecting the gap between Bitcoin and DeFi. They were also thrilled to choose Polygon as the first direct bridge partnership for RenVM. Furthermore, they look forward to bringing more access to Polygon’s DeFi ecosystem through the RenVM Bridge.

Moreover, Polygon is the platform used for ETH scaling and infrastructure development. However, its main component is the Polygon SDK that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, and many more.

Standalone Chains like Matic POS, developed for flexibility and independence. Polygon’s Scaling Solutions have seen huge adoption with 350+ Dapps, ~121M txns, and ~1M+ unique users. On other hand, Ren‌ ‌is‌ ‌an‌ ‌open‌ ‌protocol‌ ‌that‌ allows ‌the‌ ‌movement‌ ‌of‌ ‌value‌ ‌between‌ ‌blockchains.‌ ‌

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.