Amid the crypto fluctuation, Avalanche joins hands with RenVM, the trustless, permissionless, decentralized custodian created by Ren. RenVM will go live on Avalanche, allowing users to burn and mint assets on the Avalanche network. The integration will establish a direct deposit and withdrawal function to/from the network with reduced gas fees.
Here is an overview of the assets the integration will bring to the Avalanche network:
- renDGB, DigiByte on Avalanche
- renBTC, Bitcoin on Avalanche
- renDOGE, Dogecoin on Avalanche
- renBCH, Bitcoin Cash on Avalanche
- renFIL, Filecoin on Avalanche
- renZEC, Zcash on Avalanche
- renLUNA, Terra on Avalanche
Functioning of RenVM
RenVM can be perceived as a custodian holding virtual assets while they commute between blockchain networks. Its trusted bridges offer users to process and validate seamless transactions. Since the platform is trustless, it validates transactions without needing any individual, as its trust system is distributed. Darknodes, a decentralized network of nodes, holds the trust over RenVM.
When the platform receives Bitcoin, it mints a 1-1 ration ARC-20 token on the Avalanche network. If users want, they can easily transfer between RenVM-supported blockchain networks. The process is straightforward as RenVM makes sure every bridged token complies with the standard of the destined blockchain network.
Using Avalanche to facilitate Ren Assets
The integration will allow Ren assets to be listed on different lending platforms and AMMs like:
The numbers will grow over time, and the announcements will be made public. The integration will allow third-party developers to build cross-chain DeFi apps on the Avalanche network using the RenJS SDKs.
Michael Burgess (Ren’s COO) stated that adding Avalanche to the network will benefit every stakeholder with more utility and speed. The team is excited to see the integration go live and will continue the cross-chain advantages throughout the DeFi sector.
Jay Kurahashi-Sofue (Ava Labs’ Marketing Vice President) stated that interoperability is pivotal in speeding the growth of DeFi. The industry will see more smart contract-based blockchain networks, offering a variety of options to users. RenVM’s trustless bridges will make the choosing process simple for them. The integration will bring exciting changes to the platform.
Both Ren and Avalanche hold a respected stature in their fields, so the integration is expected to be a great success. Over time, the development will help both ventures cultivate market prestige.
RenVM recently announced integrating Avalanche, allowing users to burn and mint several assets on the Avalanche network. The bridge will also allow direct deposits and withdrawals to/from Avalanche will low fees. Both ventures are delighted by the proceeding, and it is expected to bring positive outcomes to the DeFi sector as well.