“Ren’s trustless token bridge RenVM is now successfully integrated with Avalanche, an open-source platform for launching decentralized applications. This integration will facilitate deposits and withdrawals on Avalanche at low gas fees.
Assets like renBTC, renBCH, renDGB, renDOGE, renFIL, renLUNA, and renZEC can now be minted and burned on Avalanche, thanks to RenVM Bridge support.
Ren’s Trustless Custodian to Hold Assets Securely
RenVM is a decentralized, trustless, permissionless custodian developed by Ren to keep your digital assets secure as they move between blockchains. Unlike other “trusted” bridges, RenVM distributes the trust across a network of decentralized nodes called Darknodes and eliminates the dependency on intermediaries to validate the transactions.
Partnership to Fuel Adoption of Assets
With the integration, Avalanche will join Ren in efforts to bring the above (and more) Ren-based assets to other AMMs and lending platforms like Pangolin, SushiSwap, Prosper, FRAX, BenQi, and so on over the summer of 2021.
According to Ren COO Michael Burgess,
“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.”
Additionally, the VP of Marketing from Ava Labs, Jay Kurahashi-Sofue, stated,
“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.”
Ren is an open protocol that aims to enable asset transfers across different blockchains. It was founded in 2017 by software developers Taiyang Zhang and Loong Wang and was initially called Republic Protocol. Later in 2019, it rebranded to Ren.
Created by Ava Labs, Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. It is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.”
Source: Crypto Daily™