Introducing Ren Protocol’s lead product RenVM/RenBridge version 2.0
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Ren Protocol has been pushing the progress of securing Bitcoin on Ethereum for years now.
They started off with a privacy focused darknode technology, then shifted focus towards bringing BTC onto Ethereum in DeFi and more.
Really pushing the limits of what we CAN do in DeFi.
Now, rolling out v2 of their go-to product RenBridge.
In this short AMA, we got up with Mike Burgess, lead biz dev at the protocol to guide us on whats happening in the Ren Ecosystem in 2021.
Enjoy & happy Monday!
-Andy
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Master It Monday: Huge Upgrade RenBridge v2 AMA
What are the important updates from RenBridge v1 → v2?
With RenBridge 2.0 there are two big updates. One being improvements on user experience in order to make it the easiest place in DeFi to move digital assets across blockchains. The other and more important is the support of new digital assets (source and destination blockchains). RenVM now supports: Bitcoin (BTC), Bitcoin Cash (BCH), ZCash (ZEC), Filecoin (FIL), Terra (Luna), Dogecoin (DOGE), and DigiByte (DGB) as source chains, which connect to Ethereum and Binance Smart Chain, as destination chains.
This is an important step for RenVM and ultimately speaks to its capability of supporting cross-chain interoperability regardless of digital assets. This is what really sets RenVM and RenBridge apart.
How much BTC, among other coins, is stored in the RenVM? Where can we see this?
Currently there is *19,168.0677 BTC stored in RenVM. There are a bunch of cool stats sites out there where people can track these assets. Outside of: https://mainnet.renproject.io/. This link will take you to all of the current stats sites out there https://docs.renproject.io/darknodes/faq/renvm-statistics
Where do you see most of the activity from those utilizing RENxyz pairs?
At this stage Curve dominates but it does so because it’s one of the most useful AMM products within DeFi. Outside of this, other AMMs are really where we see most utility for Ren based assets.
How do you choose which tokens to add to RenBridge?
There are myriad of factors in our decision making progress. A few are demand, liquidity, and future growth potential. With that said, we’ll be turning this decision making process over to Ren governance once that elements of the organization matures.
Do you have any integrations with other DeFi protocols on the horizon?
Yes indeed we have a few in the works but our core mandate at this stage is getting RenVM to a place where it is sufficiently decentralized, so that will be the focus over the coming months.
At this point, what does the DeFi ecosystem most critically need to push adoption?
Believe there are two obvious ones: Safety and Scalability
DeFi needs to be generally safer or it won’t gain large scale adoption if people keep losing money. Over time the best and safest protocols/dApps should stand out but in the meantime, DeFi is for those who have a high risk appetite.
The need for scalability is fairly obvious but no clear winner as of yet. L2’s seem to be fragmenting liquidity at the moment but we’ll be continuing to assess the situation.
What is still missing from RenBridge v2 that will be implemented?
We’ll be adding our new assets in a staged roll-out so we can test each one with plenty of assurances. Therefore, all our new assets won’t be supported on day one but will be added incrementally.
In general, cross-chain transactions are new territory so lots of improvements to make so these are as smooth as possible for the public. User experience can always be improved, so that will continue to be a journey given these dynamics.
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⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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