In line with Wallebi, Polygon is raising its adoption in crypto world due to its new recent movement. This movement includes bringing well-known coins together in favor of REN protocol. In this article, we are going to survey how Polygon uses Ren Protocol.
Polygon Uses Ren Protocol; All You Need To Know
Polygon is an Ethereum-based scaling solution, which allows developers to create dApps on it and connect Ethereum compatible blockchains. On the other hand, Ren is a free protocol for transferring cryptos across different blockchain using ren version of currencies. Ren aims to bring popular digital currencies like Bitcoin and ZeCash to Ethereum and similar blockchains.
Now, Ren protocol facilitates Polygon users to mint Bitcoin, BitcoinCash, DigiByte, DogeCoin, FileCoin, Terra and ZeCash on Polygon platform. Therefore, users have no longer need to use Ethereum and can directly deposit or withdraw their assets on Polygon at low fees. For instance, users can convert their Bitcoin to renBTC using Ren protocol and then utilize it on Polygon.
Once the token is created, it can be exchanged through QuickSwap, which is a decentralized exchange based on Polygon and pays interest to liquidity providers. Soon, a specific asset pool for assets like renBTC will be running on the Curve Finance.
In addition, Warren Finance in collaboration with Render is building a user interface to transfer or remove all minted tokens on the Polygon. Furthermore, Badger DAO, which is a DeFi application of Bitcoin will also get connected to Polygon. This will allow users to gain more profit of their bitcoins as well as paying lower fees.