Plasma.Finance recently announced a partnership with Ren Protocol v3. The collaboration will see the projects offering DeFi cross-chain bridging support for EVM and non-EVM chains.
It includes Bitcoin, Dogecoin, Bitcoin Cash, stablecoins, and many more. Plasma.Finance aims to expand its all-in-one DeFi solution, which is why its recent update included DeFi bridging support.
The update allows users to include even more tokens and stablecoins to swap throughput multiple blockchains. All this is done at significantly lower gas fees by avoiding manual hopping across multiple networks. The collaboration will let users bridge renASSETS across different chains in one step.
In addition, the update lets users bridge multiple native assets like Matic, BNB, and BTC to Ethereum and other chains supported by Ren. Eventually, the network will also include a vast range of native tokens, LP tokens, vaults, and stablecoins.
Currently, the network supports assets support:-
- Non-EVM Native Blockchain Assets – $BCH, $BTC, $DOGE, $DGB, $ZEC, $FIL
- EVM Native Blockchain Assets – $BNB, $AVAX, $FTM, $ETH, $MATIC
- ERC-20 Tokens – $BUSD, $BADGER, $DAI, $CRV, $FTT, $EURT, $LINK, $KNC, $REN, $MIM, $SUSHI, $ROOK, $USDC, $UNI, $USDT
Besides all this, users can also access a new transaction named renBridge. The tool offers direct bridging for five new L1 assets, including MATIC, BNB, ETH, AVAX, and FTM. In addition, it includes ten stablecoins and ERC-20 tokens, including BADGER, CRV, BUSD, EURT, DAI, KNC, FTT, MIM, LINK, ROOK, REN, UNI, SUSHI, USDT, and USDC.
Users can directly bridge renASSETs like renETH from one chain to another, and it skips the renASSET burn to the initial chain. Resultantly, users can save immense costs with a much faster transfer.
Given the quality of the features, the partnership is expected to release much more value into the market.