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ERC20 versions of BTC, Dogecoin, and others get a ‘bridge’ to Polygon

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The ETH-based versions of BTC, 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.

Polygon is an ETH-based scaling solution that allows developers to build dApps on and connects ETH-​compatible blockchain networks to each other. This allows users to transact with ETH 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 BTC and Zcash to blockchains including ETH, 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: BTC, BTC Cash, DigiByte, Dogecoin, Filecoin, Terra, Zcash—on Polygon.

“This is a direct bridge so users do not need to go through ETH, 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 ETH 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 ETH. 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:

  1. Users can swap their renBTC, renDOGE, renFIL, and others on QuickSwap, a Polygon-based decentralized exchange and earn yields via becoming liquidity providers.
  2. A renBTC-type assets pool will be available on Curve Finance soon.
  3. Varen Finance, a long-term Ren bridge partner, will be building user interfaces for bridging ALL Ren-assets to and from Polygon.
  4. BTC DeFi app BadgerDAO will be bridged to Polygon via a ‘Badger Bridge,’ allowing users to earn more yield on their BTC on low fees.

The post ERC20 versions of BTC, Dogecoin, and others get a ‘bridge’ to Polygon appeared first on CryptoSlate.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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