Cryptocurrency News

As the market dips, Rain strengthens Defy liquidity through phantom, polygon integration

As the digital asset market has undergone widespread decline, the cross-chain bridge protocol Rain has announced integration with EMV-compatible chain Phantom and Polygon that can increase liquidity in the Defy ecosystem.

In a blog post on Friday, Ren announced that RenVM Bridge now supports an incredible transfer of four popular cryptocurrencies to Phantom, including Bitcoin, DOGE and ZEC. Three additional Phantom Bridge assets are also coming, including Filecoin and Luna. Similarly, in a post on Wednesday, Ren announced a similar seven-asset integration with Polygon:

The Phantom announcement also stated that Ren “is currently working on adding Rain-based assets to Curve, QuickSwap, BezerDAO and beyond.” While rain acts as a bridge between chains, Recent collaboration with BadgerDAO on Ethereum This demonstrates that partnering with the DIFI protocol can increase protocol fees and amounts for all parties. In Badger’s case, the one-click bridge-and-deposit functionality has pushed Badger’s WBTC vault to a quarter billion in TVL.

According to Chris Spadaphora of BadgerDAO, $ 150 million in BTC has already gone through the Joint Protocol Bridge.

The demand for sidechains such as Phantom and Polygon has grown rapidly in recent months as developers, investors and farmers are looking for it. Ways to Avoid Ethereum’s High Gas Charge. Prior to the recent market downturn, EMV-compatible chains Hosted the implementation of the major Ethereum-native Defy protocol, And sidechain tokens like MATIC have proved to be one of them The most flexible for the recent recession price action.

A popular Phantom community account hailed the trusted bridge as a “holy grave” for the series, noting that the bridge would also include total value lock (TVL) metrics for Phantom’s various Defy protocols, including sushi swaps, curbs, and creams. Significantly strengthening ability.

“Adding Phantom will greatly benefit each protocol by bringing more Phantom’s usability and even greater speed through RainVM,” Rain COO Michael Burgess said in a blog. Post. “We couldn’t be more excited for it to go live, as it will help increase utility for the entire Defy ecosystem.”