ERC20 versions of Bitcoin, Dogecoin, and others get a ‘bridge’ to Polygon |
In an unexpected move, Ethereum Classic (ETC) holders received a “bridge” into the Ethereum community, when ETCs were recently migrated to a new blockchain called Polygon.
The next big wave of cryptocurrency to hit the market is a new kind of ERC-20 token that will allow token holders to sell their tokens to Ethereum users. This protocol, called Polycoin, allows for ERC-20 tokens to be traded between Ethereum and Ethereum-based exchanges.
Polygon, a news and opinion site, is creating an ERC20 version of itself, a project called Polygon Exchange. The exchange will be able to support trading of non-ERC20 tokens like Bitcoin and Dogecoin, and will also allow users to get tokens from other users, similar to a decentralized exchange such as Binance.. Read more about dogecoin news and let us know what you think.
Ethereum-based versions of Bitcoin, Dogecoin, Filecoin and others can now be used on Polygon (formerly Matic Network) thanks to new Polygon x RenVM Bridge support, the latter said Thursday. RenVM joins Polygon The direct bridge to #BTC and beyond is now operational @0xPolygon! #RenVMhttps://t.co/BzuTYoOQai – Ren (@renprotocol) 27. May 2021 Polygon is an Ethereum-based scaling solution that enables developers to create dApps and connect Ethereum-enabled blockchain networks. This allows users to make transactions with Ethereum quickly and at almost no cost. Ren, on the other hand, is an open protocol for transferring cryptocurrencies between blockchains via a Ren version of a given cryptocurrency. The goal is to bring popular assets like Bitcoin and Zcash to the blockchain, including Ethereum, enabling the use of privacy-enhanced assets and value storage in a decentralized multi-chain (DeFi) financial ecosystem.
Polygon to Run
According to the blog, Ren explained that the Polygon x RenVM bridge now allows any user to print and write the supported assets, namely: Bitcoin, Bitcoin Cash, DigiByte, Dogecoin, Filecoin, Terra, Zcash – on Polygon. It is a direct gateway that prevents users from going through Ethereum, allowing direct deposits/withdrawals to and from Polygon with minimal cost, according to the protocol. The integration is already operational, meaning users can transfer assets via RenBridge. RenBridge is a decentralized application (dApp) that allows you to mine real cryptocurrencies on Ethereum as ERC20 tokens (e.g. BTC can be mined as renBTC via RenBridge). Connecting these assets to RenBridge is similar to how it works in Ethereum. Users must first add the Polygon network to MetaMask, use the project-specific MATIC token to perform the tap, and finally transfer the assets to Polygon.
Where can I use Ren-Assets on the Polygoon?
After renToken mining, the following dApps and usage scenarios will become available or accessible to users:
Users can trade their renBTC, renDOGE, renFIL and others on QuickSwap, a decentralized Polygon-based exchange, and earn revenue by becoming cash providers.
An asset pool like renBTC will soon be available on Curve Finance.
Varen Finance, a long time partner of Ren Bridge, will create custom interfaces to connect ALL Ren assets to Polygon.
The BadgerDAO bitcoin defi app connects to Polygon via the Badger Bridge and allows users to get a better return on their bitcoins with lower costs.
Badger bridge ➡️ Polygoon https://t.co/sPQjiSF4vQ – ₿adger DAO (@BadgerDAO) May 27, 2021
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A new cryptocurrency called Polygon was created, which is a fork of the Ethereum protocol. It can be seen as a sort of. Read more about dogecoin overtake bitcoin and let us know what you think.
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