ERC20 versions of Bitcoin, Dogecoin, and others get a ‘bridge’ to Polygon
The Polygon network has seen a big uptick in recent time and large-cap assets will soon be available for users.
The Ethereum-based versions of Bitcoin, Dogecoin, Filecoin, and others can now be used on Polygon (formerly Matic Network) as a result of the new Polygon x RenVM Bridge support, the latter said in a post on Thursday.
RenVM Integrates Polygon
— Ren (@renprotocol) May 27, 2021
Polygon is an Ethereum-based scaling solution that allows developers to build dApps on and connects Ethereum-compatible blockchain networks to each other. This allows users to transact with Ethereum in a fast manner and with near-zero fees.
Ren, on the other hand, is an open protocol for transferring cryptocurrencies between blockchains via a ren version of that particular cryptocurrency. It aims to bring popular assets like Bitcoin and Zcash to blockchains including Ethereum, making it possible for privacy- and store-of-value-focused assets to be used in a multi-chain decentralized finance (DeFi) ecosystem.
Polygon to Ren
As per the blog, Ren said the Polygon x RenVM Bridge would now allow any user to mint and burn the supported assets—namely: Bitcoin, Bitcoin Cash, DigiByte, Dogecoin, Filecoin, Terra, Zcash—on Polygon.
“This is a direct bridge so users do not need to go through Ethereum, allowing direct deposits/withdrawals to and from Polygon with minimal gas fees,” the protocol said.
The integration is already live, meaning users can bridge assets through RenBridge, a decentralized application (dApp) that allows individuals to mint real cryptocurrencies on Ethereum as an ERC20 token (for example, BTC can be minted as renBTC via RenBridge).
Bridging these assets through RenBridge is similar to how it’s done on Ethereum. Users should first add the Polygon network to MetaMask, use the project’s native MATIC token to start with the faucet, and finally bridge the assets over to Polygon.
Where can you use ‘ren’ assets on Polygon?
The following dApps and use cases are available or upcoming for users once the renToken is minted:
- Users can swap their renBTC, renDOGE, renFIL, and others on QuickSwap, a Polygon-based decentralized exchange and earn yields via becoming liquidity providers.
- A renBTC-type assets pool will be available on Curve Finance soon.
- Varen Finance, a long-term Ren bridge partner, will be building user interfaces for bridging ALL Ren-assets to and from Polygon.
- Bitcoin DeFi app BadgerDAO will be bridged to Polygon via a ‘Badger Bridge,’ allowing users to earn more yield on their Bitcoin on low fees.
Badger bridge ➡️ Polygon ? https://t.co/sPQjiSF4vQ
— ₿adger DAO ? (@BadgerDAO) May 27, 2021