The latest upgrade to RenVM includes support for Phantom’s blockchain, which brings popular crypto-assets BTC, BCH, DGB, DOGE, FIL, Zcash and LUNA to Phantom’s ultra-fast, low-fee defi ecosystem.
Phantom users enjoy significantly shorter transaction waiting times and significantly reduce transaction fees. But unfortunately, users who hold core assets on other major blockchains do not have that capability yet. As Phantom’s RenVM integration comes into play, users of other networks can deposit their assets directly into Phantom using Rainbridge and enjoy Phantom’s low-fee, fast transaction ecosystem. Users will be able to directly deposit and withdraw their crypto assets in Phantom’s blockchain without having to go through multiple exchanges. With the integration of Rainbridge, DeFi enthusiasts can now add and exchange almost all of their assets across multiple blockchains to Fantom and trade whatever they need without relying on a centralized exchange.
The integration will support BTC, ZEC, BCH and DOGE right off the bat. As the integration continues to develop and expand, others will go live shortly. This will give users even more ways to use Phantom to build and work for their crypto portfolios. Most importantly, they will see that their portfolio has become faster, more agile and adaptable to changing circumstances and market conditions.
It also indicates a new phase of Phantom development overall. As new partnerships and integrations flourish, Phantom will become more prominent in the crypto world. As Phantom cultivates more collaboration and gains compatibility with more types of assets, its utility, agility and overall value will only increase for portfolio holders.
Native REN assets from now on Phantom’s blockchain
$ Rainbtc | Bitcoin (BTC) on Phantom
$ RAINBCH | Bitcoin Cash (BCH) on Phantom
$ renDGB | DigiByte (DGB) on Fantom
$ Reindos | Fantom. DogCoin (DOGE)
$renfill| Fantom. on Filecoin (FIL)
$ Renaluna | Terra (Luna) on the Phantom
$ Rainjack | Zcash (ZEC) Fantom. On
Steps for users
To take advantage of this new integration, users have to add phantom network to their metamask Using this quick tutorial. Users will then be able to bridge their various postures and perform tricks.
With this integration still at an early stage, new developments are coming to the fore. Curve Finance, BadgerDAO and Wren are expected to be inducted soon.
As Phantom continues to expand its toolbox, it is about giving crypto holders the ability to make the best choices for their portfolio. This is a new development on the horizon, and it is only the beginning. Stay tuned for new assets as they become compatible with the new integration.
RainVM is an open protocol that provides access to inter-blockchain liquidity for all decentralized applications. A secure network allows users to exchange, lend and transfer their crypto, however tailored to their needs.
Fantom. aboutThe Phantom Foundation is committed to building open-source, decentralized Dag-based distributed ledgers. Every day, they create fast, secure and scalable tools relevant across a wide range of industries that allow businesses, organizations and individuals to develop secure, decentralized applications to solve real-world problems.