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
A direct bridge for #BTC and more is now live on @0xPolygon! #RenVMhttps://t.co/BzuTYoOQai
— 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:
Badger bridge Polygon https://t.co/sPQjiSF4vQ
— ₿adger DAO (@BadgerDAO) May 27, 2021
The post ERC20 versions of Bitcoin, Dogecoin, and others get a ‘bridge’ to Polygon appeared first on CryptoSlate.