Decentralized finance protocols Badger DAO and RenVM recently announced the launch of the “Badger Bridge”, a bridge between Bitcoin and Ethereum. The new bridge will allow Bitcoin (BTC) holders to transfer their BTC to Ethereum and into vaults with just one click.
“Badger Bridge is the first of its kind that allows users to generate instant returns by trading Bitcoin in the same app,” the Badger team explained in their blog post. “In our mission to become a one-stop shop for users to use their Bitcoins, by launching the Badger Bridge in the Badger app. we took an important step. “
According to the announcement, RenVM has converted over 25 thousand BTC, whose value has exceeded $ 1.3 billion since June 2020, into Wrapped Bitcoin (WBTC). “BadgerDAO is becoming a one-stop shop for BTC use in the DeFi space, and RenVM supports this feature by offering seamless interoperability to its users. Together we are really increasing the deployment and utilization of BTC and DeFi,” said Michael Burgess, RenVM COO.
As part of the integration with Ren, the RenVM brand will be removed from the Bitcoin-Ethereum bridge and users will be directed directly to BadgerDAO’s Badger Bridge page. Ren will continue to provide infrastructure for transactions, however.
Badger currently has a locked value of $ 999 million. After the announcement, Badger DAO’s cryptocurrency BADGER rose 9.28 percent to $ 28.91, and REN rose 7.8497 percent to $ 0.8497.