BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’
BadgerDAO and RenVM partner to bring Bitcoin to Ethereum via ‘Badger Bridge.’ The bridge aims to boost BTC utility in the decentralized finance (DeFi) ecosystem.
- Bitcoin-focused DeFi platform, BadgerDAO announced its partnership with RenVM, an open cross-chain solution, to bring Bitcoin to Ethereum via a Badger Bridge.
- The bridge will ease users' yield earning activities while offering instant transactions all in “a few short clicks.” It will be accessible through the Badger app to build a one-stop shop for Bitcoiners in DeFi.
In an aim to appeal to the market, BadgerDAO is launching “The Bridge Mining Program,” termed as the largest incentive program yet in crypto to incentivize the transfer of up to 100,000 BTC (~5.4 billion) to Ethereum with a reward of up to $6 million to participants.
The bridge aims to boost the number of conversions on RenVM, which has processed over 25,000 BTC conversions into Wrapped BTC since June 2020. Apart from impacting the adoption of the two partners, this bridge will also “provide seamless interoperability between platforms for DeFi users boosting the ecosystem,” RenVM chief operating officer Michael Burgess said.
This collaboration looks to further open Bitcoin to the DeFi field with more partnerships with top projects on the way, the statement reads.
“Given this depth of collaboration, we expect to mimic this functionality throughout all DeFi Ecosystems, so keep an eye out for similar products on Binance Smart Chain, Fantom, Solana, Polygon, and more!”
“We wanted to strengthen our relationship with the BadgerDAO team and really make it the go-to place for putting your BTC to work, so it’s a natural fit. Further, it helps from a UX perspective by consolidating this functionally for users under one roof.”
The partnership follows a recent $21 million investment in BadgerDAO from top crypto venture capital firms in an aim to diversify some of the BADGER tokens held on the platform’s DAO treasury as a “backstop” to huge bearish market movements.