Cross-blockchain transfer protocol Ren goes live with Avalanche integration

Ren, an open protocol that enables the movement of value between blockchains, has announced the Avalanche blockchain platform has been integrated into RenVM. With Avalanche now supported on the RenVM Bridge, anyone can mint and burn the below assets on Avalanche.

Native Assets on 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

This is a direct bridge there is no need to go through Ethereum; thus allowing direct deposits and withdrawals to and from Avalanche with minimal gas fees.

Now that the integration is live, users can bridge assets through RenBridge or MetaMask. Initially, BTC, ZEC, BCH, and DOGE are supported with the others going live shortly.

Building Cross-Chain dApps on Avalanche with RenJS

Third-party developers can now build cross-chain dApps on Avalanche with the RenJS SDK. This will be updated over the coming weeks with Avalanche-specific tutorials to make the process as smooth as possible for developers. More information to get started is available on GitHub.

“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

Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is a decentralized smart contracts platform built for the scale, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.

“With the addition of Avalanche x RenVM support, both protocols will benefit substantially. Avalanche will gain more utility and RenVM will see even more velocity flow through the ecosystem. We could not be more excited for this to go live, so spread the word and stay tuned for more to come.”
– The Ren Team

Source link: cryptonews.net