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.