RenVM Integrates With Avalanche to Launch a Direct Asset Bridge
- Support for the RenVM Bridge will bring wrapped BTC, BCH, DOGE, FIL, and other tokens to Avalanche.
- The Ren-based assets will be added to AMMs and lending platforms on Avalanche.
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According to an Avalanche blog post from 3 June, adding support for the RenVM Bridge will enable anyone to mint and burn assets on Avalanche. The integration of RenVM will enable users to bring Bitcoin (renBTC), Bitcoin Cash (renBCH), DigiByte (renDGB), Dogecoin (renDOGE), Filecoin (renFIL), Terra (renLUNA), and ZCash (renZEC) to Avalance in the form of wrapped Ren tokens.
RenVM is a trustless bride that acts as a custodian of digital assets as they move between blockchains. When users deposit tokens to RenVM, the protocol automatically mints a 1:1 ARC-20 representation of the token on Avalanche. An ARC-20 token is an ERC-20 token that wraps an underlying Avalanche Native Token.
Jay Kurahashi-Sofue, the VP of Marketing at Ava Labs, said interoperability is the key in compounding the growth of decentralized finance. With more and more smart contract-enabled blockchains launching each day, providing users with a seamless bridging experience will enable them to decide which platform works best for them.
As part of the partnership, both Avalanche and RenVM will be pursuing the addition of Ren-based assets on various AMMs and lending platforms such as Pangolin and Sushiswap. The company revealed that more DEXs and lending protocols are set to be added to Avalanche over the summer.
“With the addition of Avalanche to RenVM all stakeholders involved will benefit by providing more utility to the Avalanche ecosystem, and even more velocity through RenVM,” said Michael Burgess, the COO at Ren.
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
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- The Avalanche Foundation’s “Metaverse” program aims to accelerate the adoption and growth of the Avalanche network subnet functionality.
- The first two projects selected for the program are an NFT gaming project, and an institutional DeFi initiative with a native KYC functionality.
- Three new Avalaunch IDO tokens are currently valued significantly higher than their sale price.
- The upcoming Imperium Empires game is perhaps the most hyped up project to launch a token on the launchpad.