Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
Ren, the team behind the interoperability blockchain project RenVM, has announced its integration with Solana with the launching of a bridge for Bitcoin and other assets.
Ren Launches Bridge For Four Crypto Assets
Announcing the integration in a blog post, Ren said it would be adding support for tokenized versions of Bitcoin and other assets on the platform.
Ren-based tokens of Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Zcash (ZEC) can now be used on the Solana network via Ren’s bridge. It also plans to add other assets like DigiByte (DGB), Terra (LUNA), and Filecoin (FIL) afterward.
Formerly known as Republic Protocol, Ren acts as a bridge between various blockchain assets through a custodial node solution.
With this move, Ren aims to use its bridge to bring more assets to Solana (SOL), thereby bringing more activity to the network. The platform would enable users to mint tokenized versions of the asset they bring onto the bridge.
The project said in its statement that it would work to ensure Ren's representation of the assets are adopted throughout the Solana network, making specific reference to projects like Serum, Mango, Oxygen, and Step Finance.
Michael Burgess, Chief Operating Officer of Ren, described Solana as a network that “brings a unique set of features to the Layer One space, along with a growing ecosystem and community.”
Solana is an advanced open-source blockchain project focused on providing a highly scalable, secure, and maximally decentralized platform. It processes transactions at a higher speed and lowers costs than the Ethereum blockchain.
The blockchain, which is often dubbed the Ethereum killer, has several decentralized exchanges (DEXes) and protocols built on the platform. Some of them include Serum, Raydium, KIN, Audius, Mango Markets, Bonfida, Maps.me, Pyth Network, USDC, Phantom wallet, and more.
Ren Popular For Bringing Bitcoin Onto DeFi Blockchains
Ren is known for its vision of connecting different blockchains through cross-chain interoperability. So far, the project has successfully offered ways to use Bitcoin in decentralized finance platforms.
Since it launched the RenVM one year ago, Ren has become a leading portal that enables wrapped versions of Bitcoin, Bitcoin Cash, Zcash, and other layer-one assets to be traded on the Ethereum mainnet.
According to data aggregator, DeFiLlama, the RenVM is currently the 30th-largest decentralized finance protocol with a total value locked of $517 million.
Ren’s integration with Solana comes after it partnered with Alameda Research to bring Solana-based assets to Ethereum’s DeFi network in February. This partnership would see Ren work with Solana throughout 2021 to expand utility for both protocols.