BadgerDAO is bringing direct access to Bitcoin (BTC) to its decentralized finance (DeFi) users through an integration with inter-blockchain liquidity provider RenVM, the platform said in a blog post on 2 March.
According to the announcement, BadgerDAO users can now easily bring their native BTC onto the BadgerV2 App thanks to the new integration with RenVM, which resulted in the “BTC Bridge” (Badger Bridge). Improved efficiency and reduced gas costs are only a few of the benefits users will be able to experience from this integration.
Through the use of this new bridge, BadgerDAO users will now be able to use BTC to mint renBTC and wBTC directly onto the Badger App, effectively reducing the number of steps users need to take to bring their BTC to a Sett Vault position, and back to native BTC.
The integration with RenVM — an open protocol that enables the transfer of value between blockchains — will not only stop with the creation of the BTC Bridge, but will further the development of additional Badger products. BadgerDAO said in its blog post:
“Continuous innovations in the DeFi space that make it easier to earn return on your Bitcoin will further Badger’s objective as the one stop shop for all things Bitcoin.”
One such possible product, the BadgerDAO team is considering, is an enhanced version of the BTC bridge that would support the “Zapping” of BTC directly into any Sett position.
The Badger Bridge, powered by RenVM, is not the only product the BadgerDAO team has been working on. Last week, the BTC focused DeFi protocol announced the launch of a new CALWS token, which was described as more of a “yield dollar” than a stablecoin. The team behind the project described the CLAS as a collateralized assets with an expiration date, which upon expiration can be redeemed for $1 worth of its collateral.