Polygon integrations have the potential to usher in various news aspects regarding the popular decentralized finance (DeFi) platforms as the market continues to experience a wide pullback. As this pullback goes on, Ren had revealed that integrations with chains compatible with EMV, namely Polygon and Fantom, could help increase the liquidity for the decentralized finance ecosystem.
As of the time of this writing, MATIC is trading at $1.91, which is a 5.9% increase since yesterday and a whopping 59.4% increase within the past seven days alone.
RenVM Bridge
This past Friday, Ren had unveiled the RenVM bridge’s capability to support four popular cryptocurrencies’ trustless transfer to Fantom. These include DOGE, ZEC, and BTC. Furthermore, three more Fantom bridge assets are fast approaching, including both LUNA and Filecoin (FIL). Ren had additionally announced the integration of similar proportions (seven-asset) with Polygon.
Moreover, the announcement had also acknowledged the fact that Ren has been hard at work to be able to add assets based on Ren to Curve, BadgerDAO, QuickSwap, and many more. While it is true that Ren acts as the bridge between the chains, BadgerDAO’s recent collaboration on Ethereum had shown that partnering up with any DeFi protocol may also drive volume as well as protocol fees for all of the parties involved.
BadgerDAO’s Chris Spadafora had stated that BTC worth $150 million had already been transferred via the collective protocol bridge.
Polygon and Fantom becoming more popular
Polygon and Fantom are both sidechains that have managed to become quite popular and in-demand recently, as various investors, farmers, and developers all constantly searching for new and innovative ways of avoiding the high gas fees on Ethereum. Furthermore, before the recent slump in the market had taken place, the EMV-compatible chains hosted several implementations of DeFi protocols that were native to Ethereum. Polygon’s MATIC had also shown that it is one of the more resilient sidechain tokens as far as bearish price action is concerned.
Lastly, Fantom had been referred to as a sort of ‘holy grail’, as the trustless bridge is often considered to have the ability and potential to drastically increase the overall value locked metrics as far as the DeFi protocols on Fantom may be concerned, including but not limited to Curve, C.R.E.A.M, and SushiSwap.
Ren Chief Operating Officer Michael Burgess had stated that adding Fantom will do wonders for the protocols through the inclusion of added utility as well as velocity.