Introducing RenBridge 3.0
We are excited to announce that RenBridge 3.0 is live! It comes with support for wrapping stablecoins and generic tokens to other chains, as well as support for bridging renASSETS from one chain to another in one step!
Check it out here: https://bridge.renproject.io/
RenBridge 3.0 | Supporting over 25+ assets on 7+ blockchains
Ren is now able to mint and release generic tokens from one chain to another through the newly developed feature we call host-to-host (H2H). Ren’s H2H feature is a big step forward for the protocol, as it adds bridging support for almost any asset on all blockchains supported by Ren. That means users can now bridge tokens such USDC, USDT, DAI, CRV, and generic vault and LP tokens, as well as the native gas assets such as ETH, BNB, MATIC, to any blockchain Ren supports. This is a huge milestone for the Ren Ecosystem as it opens up a whole new world of assets to be bridged, and new applications that can follow.
RenBridge 3.0 | Direct bridging between chains for Ren assets
RenBridge now also supports a new transaction type called Bridge, which is different from Minting and Releasing in that it lets you bridge an already existing renASSET, such as renBTC, from one chain directly to another, without having to burn the asset back to its origin chain (Bitcoin in this example) before minting it to the target chain. With Bridge, the renASSET is burned on the chain you are moving the asset from, and minted directly on the target chain. This is especially beneficial for assets such as renBTC, as bridging renBTC between smart contract chains will not require interactions with the Bitcoin chain, making the bridging process much faster and cheaper.
This feature will be rolled out progressively to give time for testing and validating the security of this new transaction type. Initially it will be enabled for the newly added tokens and L1 assets on RenBridge, and after sufficient mainnet battle-testing, it will be enabled for renBCH, renDGB, renDOGE, renFIL, renZEC, and then lastly added to renBTC.
Newly added asset on RenBridge
The first cohort of assets that RenBridge 3.0 supports is as follows (in alphabetical order):
Native Blockchain Assets
$AVAX — $BNB — $ETH — $FTM — $MATIC
ERC-20 Tokens
$BADGER — $BUSD — $CRV — $DAI — $EURT — $FTT — $KNC — $LINK — $MIM — $REN — $ROOK — $SUSHI — $UNI — $USDC — $USDT
These assets now have wrapped counterparts on all blockchains RenBridge supports (e.g. $renUSDC on Arbitrum, Avalanche, Binance Smart Chain, Fantom, Polygon, and Solana). Token contracts for all assets on all blockchains that RenBridge supports can be found below 👇
https://renproject.github.io/ren-client-docs/contracts/deployments/
Adding Tokens on RenBridge | Whitelisting via Governance
New token additions will be managed by the Ren DAO. There is a formal whitelisting process that can be found below 👇
- The whitelisting section on Ren Forum can be found here: https://forum.renproject.io/c/token-listing-proposals/14
- The instruction set can be found here: https://forum.renproject.io/t/submit-a-token-whitelisting-proposal/1047
Looking Forward & Next Steps
The RenBridge 3.0 release marks another key step in Ren’s larger vision of enabling the fluid movement of value between all blockchains. It will continue to improve as feedback is synthesized and implemented, and user experience improvements are already on their way for the next release.
The next step for the Ren ecosystem will be bootstrapping liquidity for the newly supported assets. This will take a unified effort by the core team and community alike, exploring ways to incentivize liquidity together with partners and new products.
Onwards and upwards,
Ren Team
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About Ren
Ren is an open protocol that enables the movement of value between blockchains.
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