Ren and Linkswap Welcomes DigiByte (DGB) to DeFi
$renDGB is now live on Ethereum
In partnership with LINKSWAP and the DigiByte Community, we are excited to welcome DigiByte (DGB) to DeFi!
Over the past few months, we’ve been working with both projects to bring $renDGB to fruition with a great UI, and now the public can officially mint and burn $DGB ← → $renDGB via LINKSWAP’s Bridge!
DigiByte (DGB) is an open-source blockchain created in January 2014 and after more than 7 years of forward-thinking development, DigiByte has become one of the safest, fastest, longest, and most decentralized UTXO blockchain in existence. We are thrilled to contribute to its evolution by bringing DGB to the world of DeFi (as $renDGB), providing even greater utility for the UTXO based digital asset. The $renDGB ERC-20 contract address can be found here.
Learn more about how you can put this asset to work below 👇
Earn Yield with $renDGB in DeFi
Step #1 | Mint $renDGB via LINKSWAP’s Bridge
To mint DGB to renDGB you will need a DigiByte wallet, Metamask, some ETH to cover gas fees, and of course some DGB to mint. You can also check out this picture-based tutorial here.
Using the renDGB Bridge:
- Go to the LINKSWAP renDGB Bridge and click ‘mint’ (before this step please make sure you have connected your Ethereum wallet client to Linkswap).
- Send your DGB to the address shown (please note bridge uses a Segwit DGB-Address format starting with S instead of D)
- Wait for 50 confirmations (this can take some time) and click ‘Submit to Ethereum’ and confirm the transaction in your wallet.
- Minted renDGB will be sent to your connected Ethereum wallet (though you may need to add it as a custom token).
- To redeem DGB back from renDGB, users can select the ‘Burn’ option.
Step #2 | Become a $renDGB Liquidity Provider
Friday, March 19th at 11:00 AM EST Liquidity Mine $renDGB by providing liquidity to the LINKSWAP DEX
Now what to do with your freshly minted renDGB? Become a renDGB liquidity provider. You can provide liquidity to the renDGB/ETH pair on LINKSWAP to earn fees from trading volume. Starting on Friday, March 19th you can also stake your LSLP’s in the reward pool to farm ~420,000 renDGB, for a period of one week!
Follow these steps to add liquidity:
- Go to the LINKSWAP’s Add Liquidity page and click on “Add Liquidity”
- Select renDGB and ETH
- Enter the amount per asset you want to add
- Click on “Supply”, then review the action and click “Confirm Supply”
- Confirm the transaction in your Ethereum wallet client.
Follow these steps to earn rewards:
You can also stake your LSLP’s in the reward pool to farm ~420,000 renDGB, for a period of one week! This reward pool will launch on Friday, March 19th at 11:00 AM EST.
Steps to stake your LSLP’s for rewards:
- Go to the LP rewards staking page on LINKSWAP
- Select the renDGB/ETH pool
- Click “Stake” and confirm the transaction in your Ethereum client wallet
- Start earning rewards!
Looking Forward | Future of $renDGB
We are excited to see $renDGB come to fruition and we hope this will bolster DGB’s utility for years to come. Outside of providing liquidity in various DeFi protocols to earn yield, users can now trade DGB in a decentralized setting without interacting with centralized exchanges.
Further, in the coming months, $renDGB will be added to Binance Smart Chain as third-party UI’s permit, along with additional AMM support and LP programs, so stay tuned!
This is another great addition to RenVM’s ever-increasing list of assets supported, and will only help increase velocity for the protocol. It’s been a pleasure working with both teams and we look forward to collaborating with them even more in the future.
Onwards and upwards,
— Michael Burgess, COO
DigiByte is more than a faster digital currency. It is an innovative blockchain that can be used for digital assets, smart contracts, decentralized applications, and secure authentication.
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LINKSWAP is a community-governed decentralized exchange (DEX) offering exclusive $LINK pairs, staking revenues from trading volume, unique security features, and direct fiat-to-crypto purchases.
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Ren is an open protocol that enables the movement of value between blockchains.
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