RenVM Integrates With Solana to Launch a Direct Asset Bridge
- Adding support for RenVM will enable anyone to mint and burn assets on Solana.
- The bridge will bring Ren-based assets such as renBTC and renDOGE to platforms such as Serum and Anchor.
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According to an announcement published on 17 June, adding support for the RenVM Bridge will enable anyone to mint and burn assets on Solana. The direct native asset bridge will enable users to bring Bitcoin (renBTC), Bitcoin Cash (renBCH), DigiByte (renDGB), Dogecoin (renDOGE), Terra (renLUNA), Zcash (renZEC), and Filecoin (renFIL) to Solana 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 representation of the token on Solana.
Ren will work to ensure all Ren-based assets are adopted throughout the entire Solana ecosystem, on platforms such as Saber, Serum, Solaris, Step Finance, Anchor, Jet Protocol, Mango, Oxygen, Phantom Wallet, and others.
“This is another key step in Ren’s larger vision of connecting all blockchains, ultimately allowing the fluid movement of liquidity throughout the blockchain ecosystem,” said Michael Burgess, the COO at Ren.
Burgess noted that Ren’s existing relationship with Alameda Research, the company behind the FTX exchange, will enable them to work with Solana throughout the remainder of the year to expand the utility for both protocols.
- The Solana network experienced a noticeable slowdown in block production after its most recent 1.14 network upgrade was implemented last week.
- In order to avoid similar issues in the future, one-third of Solana’s core engineers will now be focused on stability and adversarial testing.
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- Neon Labs’ Ethereum Virtual Machine (EVM) solution will be launched on 12 December, giving Ethereum-based dapps access to Solana’s scalability and liquidity.
- Neon EVM adopts the developer tools and compute layer present on Ethereum, making it easier for developers looking to expand to Solana.
- Meta will soon offer NFT creators an “end-to-end toolkit” that will enable them to mint and sell their digital collectibles directly on Instagram.
- The company will add support for the Solana blockchain and Phantom wallet, and further expand its supported blockchains with the addition of Solana.