Users can now bridge BTC, BCH, ZEC, and DOGE to Fantom through RenBridge, with more to come. To use RenBridge users must add Fantom as a custom network to Metamask.
In an announcement made on their blog, RenVM confirmed that their chain will start supporting Fantom’s DeFi ecosystem from May 28th.
Ren is an open protocol that enables the movement of value between different blockchains. RenVM provides access to inter-blockchain liquidity for all decentralized applications. Furthermore, the eco-friendly platform Fantom has created a great impression on investors globally. This company is a sustainable blockchain platform aiming to create quick and secure technologies across a wide range of industries, appealing to investors with its incredibly fast transactions and efficiency.
Whilst Fantom has currently collaborated with a Formula One team, there’s no stopping this platform from going further in its connections in reaching out to RenVM, an open protocol. RenVM and Fantom’s collaboration may not come as a surprise since it will give obvious benefits to users who want to bridge the above assets to Fantom. Users will now be able to deposit and withdraw these assets directly on the platform, which might be appealing to many.
The team has also announced that Varen, Curve, and Badger DAO will be used to pursue the addition of Ren-based assets. So, here’s what you need to know about each of them.
Varen Finance is one of the bridge partners building UIs for bridging all Ren-assets to and from Fantom. People should be aware that Varen is a community governed DeFi protocol, hitting a large customer base with its user-friendly products and services. Secondly, Curve finance, a market maker protocol made for swapping between stablecoins is well known in the DeFi world. For this reason, RenBTC assets will be pursued with this. Thirdly, Badger DAO, a decentralized autonomous organization, aims to build the necessary infrastructure and products to simplify the use of Bitcoin across other blockchains. Badger DAO will continue its loyal partnership with RenVM, adding Fantom support to Badger Bridge.
But don’t think that this is all – sources say that many more will be added over the summer, showing that this isn’t the last you’ll see of RenVM and Fantom. By working together, these two companies are expected to lead each other to even more success than they’ve already had, expanding themselves globally to help out the planet regarding blockchains.
The latest has shown how protocols will be positively affected by these actions. As imagined, Fantom will greatly benefit from these protocols. This is by bringing more utility to Fantom and more velocity through RenVM. Sources have said that both RenVM and Fantom are extremely excited about this collaboration and are anticipating the vast array of benefits to come – make sure to look out for these in the foreseeable future!
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.