Ren’s ERC-20 representations will now be allowed via a new bridge to be successfully transferable to Polygon’s network. These representations include BTC, DOGE, ZEC, BCH, DGB, LUNA, and FIL.
The RenVM x Polygon Bridge’s launch had been announced via Twitter by Polygon representatives, who had highlighted the fact that the bridge shall enable Bitcoin, along with several other various assets, to be successfully utilized on the low cost and high-speed layer two.
Polygon and Ren formed a partnership with the goal of launching a bridge capable of enabling the transfer of BTC and the other aforementioned digital assets between the flagship cryptocurrency and the respective Ethereum scaling solution.
Not only can the abovementioned representations now be employed on Polygon’s network, but these assets may also now be already traded and subsequently pooled on QuickSwap, which is a DEX based on Polygon. Furthermore, the team has also recently implied that future yield opportunities may be possible with regards to the tokens being deployed on BadgerDAO and Curve Finance.
Moreover, a representative had stated that Ren has intentions towards constructing even more bridges as far as high speed and scalable networks are concerned. Also, the RenVM had been launched a year ago, and since then, Ren has become one of the key portals which allow for the various layer-one assets to be successfully traded via the Ethereum mainnet. To provide some additional context, just over $246 million worth of various assets had been successfully bridged utilizing RenVM in the last week alone.
Polygon and MATIC performing well
Polygon has, in fact, been the leader as far as layer-two scaling may be concerned, and it is also the 2nd biggest decentralized finance protocol overall and has approximately $10 billion worth of various digital assets being currently kept on the network. Most recently, billionaire Mark Cuban had also expressed his interest in Polygon and had subsequently revealed his investment in it.
It remains to be seen as to whether Polygon can sustain this momentum, however, as mounting competition is reaching its peak amongst various layer-twos. Arbitrum, for instance, has been busy at work and has now set May 28th as the target for its mainnent launch. Lastly, Optimism has plans of going live this upcoming summer, most likely in July.
As of the time of this writing, MATIC is trading at $2.10, which is a 7.5% decrease since yesterday and a 16.8% increase in the past seven days.