Share this article
A tokenized version of Bitcoin is now available on Solana via Ren’s bridge.
Ren Integrates Solana
Ren has launched a bridge to Solana.
The project announced the integration Thursday, remarking that “Solana brings a unique set of features to the Layer One space, along with a growing ecosystem and community.” Solana is a high-throughput Layer One blockchain that offers similar DeFi functionality to Ethereum. However, it processes transactions at a much higher speed and lower cost than the second-ranked blockchain. The ecosystem has grown at a rapid pace this year and the project has received a significant amount of attention: the blockchain’s native SOL token has climbed to 13th rank of all cryptocurrencies.
Ren, also known as RenVM, will bring more activity to Solana by offering a bridge to bring assets onto the network. It works by allowing users to mint tokenized versions of the asset they bring onto the bridge. It aims to achieve cross-chain interoperability, and it’s been particularly successful in offering a way to use Bitcoin in DeFi on Ethereum. It also integrated Polygon last month and partnered with Alameda Research to bring Solana-based assets to Ethereum’s DeFi network in February.
The Solana x RenVM bridge will initially support four assets: BTC, BCH, ZEC, and DOGE. It will later add DGB, LUNA, and FIL. The Ren-based versions of each asset will then be available to use on Solana.
In the blog post announcing the integration, Ren added that it would work “to ensure Ren-based assets are adopted throughout the Solana ecosystem,” making specific reference to projects like Serum, Mango, Oxygen, and Step Finance.
Perhaps the most notable development is Ren’s support for Bitcoin on the Layer 1 network. Tokenized versions of the original crypto asset are most frequently put to work in Ethereum’s DeFi ecosystem today, but that could soon change if Solana sees wider adoption.
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, MATIC, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ren Launches Polygon Bridge with Support for Bitcoin
Ren has integrated Polygon. Ren Unveils Polygon Bridge Ren has launched a bridge to Polygon. The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi…
Ren Protocol Partners With Alameda to Bridge Solana Assets to DeFi
Ren Protocol and Alameda Research have teamed up to bring more assets and liquidity to RenVM and integrate the widely-used Solana blockchain, bringing SOL assets to the DeFi space. Ren…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Solana Closes $314 Million Funding Round
Solana Labs has raised over $314 million in a funding round led by Andreessen Horowitz and Polychain Capital. Solana Announces Fundraiser Solana Labs has raised a nine-figure sum in a…
Be the first to comment