RenVM Integrates Avalanche
RenVM integrates Avalanche, so direct bridge integration allowing for deposits/withdrawals to and from Avalanche with minimal gas fees.
The integration of RenVM brings the following assets to Avalanche:
- renBTC | Bitcoin (BTC) on Avalanche
- renBCH | Bitcoin Cash (BCH) on Avalanche
- renDGB | DigiByte (DGB) on Avalanche
- renDOGE | Dogecoin (DOGE) on Avalanche
- renFIL | Filecoin (FIL) on Avalanche
- renLUNA | Terra (LUNA) on Avalanche
- renZEC | Zcash (ZEC) on Avalanche
“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. We are excited to see this go live as it’ll continue bolster the cross-chain narrative and advantages throughout DeFi”— Michael Burgess, COO at Ren
How Does RenVM Work?
A simple way to understand RenVM is to think of it as a custodial that holds your digital assets as they move between blockchains. “Trusted” bridges require individuals or entities to process and validate the transactions. RenVM is trustless and therefore, is able to validate transactions without the need to trust a single individual or entity; instead, the trust is distributed. RenVM distributes the trust across a network of decentralized nodes called Darknodes.
When RenVM receives BTC, it immediately mints a 1:1 ARC-20 (an ERC-20 token that wraps an underlying Avalanche Native Token) representation on Avalanche. If a user wants to transfer in between other RenVM supported blockchains, it can be done easily as RenVM ensures that each bridged token conforms to the standard of destination blockchain.
Putting Ren-Assets to Work on Avalanche
Both teams will be pursuing the addition of Ren-based assets on various AMMs and lending platforms such as Pangolin, SushiSwap, Prosper, FRAX, BenQi, and more.
“Interoperability is key in compounding the growth of decentralized finance. More and more smart contract-enabled blockchains will launch, and it will be up to the users to decide, which platform works best for them. RenVM’s seamless, trustless bridge will make this decision substantially easier. I’m excited to see what assets DeFi users choose to bring over to Avalanche.” — Jay Kurahashi-Sofue, VP of Marketing at Ava Labs.
What is Ren?
Ren is an open protocol that enables the movement of value between blockchains.
What is Avalanche?
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
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