Polygon announced Thursday that it will launch a direct bridge to the Polygon by Ren open protocol, citing its official Twitter.
The launch of the new Polygon x RenVM Bridge will help users move other virtual currency assets like BTC directly to the Polygon Network, formerly known as the Matic Network, in a more efficient and lower-cost way.
Ren is an open protocol that allows the movement of value between blockchains. Investors can mint and burn BTC, BCH, DOGE, LUNA, and ZEC on Ethereum and BSC through RenBridge.
According to official documents, Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred to the Polygon network via the new Polygon x RenVM Bridge, which only needs to pay minimal fees of gas. without running on the Ethereum network.
At present, four types of assets have been integrated, including BTC, ZEC, BCH and DOGE, and the integration of the remaining three cryptocurrencies will also be launched shortly.
Source: DEFI PULSE
According to data from DeFi Pulse, RenVM ranks as the 21st largest DeFi protocol with a total blocked value (TVL) of $ 421.1 million.
At the same time, Polygon has recently become TVL’s leading second-layer scaling solution and the largest Defi payment protocol. The total value of assets held on the network is currently approximately $ 10.3 billion. Its native token, MATIC, has become the 14th largest cryptocurrency asset by market capitalization with a market capitalization of $ 13,642,837,186, according to Coinmarketcap.
Polygon’s officially announced on Wednesday that polygon had been successfully listed on the Mark Cuban Companies website as one of its holdings.
Image Source: Shutterstock