On 28 May, the launch of the new Polygon x RainVM Bridge was announced by Polygon on Twitter, emphasizing that the bridge would allow Bitcoin and other assets to be used at high-speed and low-cost layer-two.
Ren and Polygon have teamed up to launch a bridge to allow BTC and other assets to move between Bitcoin and Ethereum scaling solutions.
Excited to announce the introduction of a straight bridge for polygons @RainProtocol!
With Polygon x RenVM Bridge, users can move #B T c And many more assets directly to polygons, enabling high-speed, low-cost txns for these assets.
– Polygon (previously Matic) (@ 0xPolygon) 27 May, 2021
Ren’s ERC-20 Bitcoin, Bitcoin Cash, Dogcoin, Filecoin, Terra, Zcash, and DigiByte representations can now be used on Polygon networks. The property can already be traded and deposited with the team on the top polygon-based DEX, QuickSwap Hint On future yield opportunities for tokens on polygon deployment of Curve Finance and BadgerDAO.
Speaking to Cointegraph, a RAIN representative indicated that the team plans to launch more bridges for the high-speed scalable network in the near future.
since Launch renvm A year ago, Rain has emerged as a major portal allowing bitcoin, bitcoin cash, Zcash and other layer-one asset-wrapped versions to be traded on the Ethereum mainnet. Roughly speaking $ 246.3 million In the last seven days the value property has been patted using RenVM.
According to Daffy Lama, RenVM is currently 30th– The largest decentralized finance protocol, whose total value is blocked, or TVL, $ 573 million.
Polygon has recently emerged as the leading layer-two scaling solution by TVL and is largely the second largest DEFI protocol overall. $ 10.3 billion The value of the property currently on the network. On 25 May, it was announced that the famous billionaire investor Mark Cuban invested in polygons.
Although competition between layer-two is heating up, Arbitrum aims to MENNET launches on 28 May, And optimism aims to go live in July.