According to the Ren’s announcement, the project has been several months in the making. Users will now be able to use DGB to mint and burn renDGB through the LINKSWAP bridge, bringing the UTXO-based blockchain to the world of decentralized finance.
Created in 2014, DigiByte claims to be one of the oldest, safest, and most decentralized UTXO blockchains on the market. Opening up the world of DeFi to DigiByte users is set to provide the asset with even more utility, Ren said in a blog post.
The addition of DGB to Ren will enable users to earn rewards by providing liquidity and trade DGB in a decentralized setting. Starting on 19 March, users will be able to provide liquidity to the renDGB/ETH pair on LINKSWAP to earn fees from trading volume or stake LSLPs in the reward pool to farm renDGB.
Aside from that, renDGB will be added to Binance Smart Chain in the coming months, pending permission from third-party UIs. This will also enable additional AMM support and liquidity provider programs for the users.
“This is another great addition to RenVM’s ever-increasing list of assets supported, and will only help increase velocity for the protocol,” Michael Burgess, the COO of Ren, said in the blog post.