Polygon Announces the Launch of a Direct Bridge by Ren Protocol

Polygon announced Thursday to launch a direct bridge to Polygon by Ren open protocol, citing its official Twitter.

The launch of the new Polygon x RenVM Bridge will support users in moving other virtual currency assets such as BTC directly to Polygon Network, previously known as Matic Network, in a more efficient and lower-cost way.

Ren is an open protocol that enables the movement of value between blockchains. Investors can mint and burn BTC, BCH, DOGE, LUNA, and ZEC on Ethereum & BSC through RenBridge.

According to official documents, Ren's ERC-20 representations of Bitcoin, Bitcoin Cash, Dogecoin, Filecoin, Terra, Zcash, and DigiByte can now be transferred on the Polygon network through the new Polygon x RenVM Bridge, which only needs to pay minimal gas fees without running on Ethereum network.

At present, four types of assets, including BTC, ZEC, BCH, and DOGE, have been integrated, and the remaining three cryptocurrencies integration will also be launched shortly.

Source: DEFI PULSE

According to DeFi Pulse data, RenVM ranks as the 21st largest DeFi protocol with a total locked value (TVL) of $421.1 million.

At the same time, Polygon has recently become TVL's leading second-layer scaling solution and the largest Defi payment protocol. The total value of assets held on the network is currently approximately $10.3 billion. Its native token, MATIC, has become the 14th largest cryptocurrency asset by market capitalization with a market cap of $13,642,837,186, according to Coinmarketcap.

Polygon’s officially announced Wednesday that polygon had been successfully listed on the Mark Cuban Companies website as one of his holdings.