Ren and BadgerDAO Launch New Bitcoin Bridge Service
BadgerDAO has recently made an announcement, showing that it has done a full integration with RenVM. This integration was done in order to launch a brand new product offering, going by the name of “BTC Bridge.” Through this new product, users will be capable of integrating native Bitcoin within the Badger dApp.
1/4New Product Incoming
Badger is proud to announce an integration with RenVM. This new product, the Badger Bridge, will give #DeFi users direct access to bringing their native #Bitcoin onto the Badger v2 App.
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— ₿adger DAO
(@BadgerDAO) March 2, 2021
New Partnerships For Better Products
Through this integration with RenVM, Badger’s users will be capable of taking their Bitcoin and minting a tokenized version of the world’s biggest cryptocurrency. Interestingly enough, they have a choice to either mint renBTC or wBTC. Through doing so, an array of complicated steps normally needed to earn BTC yields within the DeFi space have simply ceased to exist.
The extensive efforts from various players to push the DeFi space beyond the Ethereum network, most prominently integrating Bitcoin, has been going on for some time now. At the front of these ongoing efforts are Ren and Badger, with Badger having partnered up with Yearn Finance back in February for this.
Badger Cetedel Program Aims For $500 Billion In Tokenized BTC
The flagship product for Badger stands as the Sett vault. There, users are capable of depositing the various types of tokenized Bitcoin available within the Ethereum network, all for the generation of automatic yields. As for Ren, this protocol provides access to cross-chain liquidity, giving it for all decentralized applications.
As for the BTC Bridge itself, otherwise known as Badger Bridge, this product will be known as the Badger Cetedel Program’s inaugural product. It will allow for a gateway between Bitcoin and Ethereum’s networks, which will allow for Bitcoin to be transferred to other networks, in turn.
As for the Badger Cetedel Program, which aims to bring Bitcoin to the DeFi space. The first goal for this program is set at a hefty $500 billion in Bitcoin, and will do so by way of a number of mining and liquidity incentives.
BadgerDAO Gaining Ground
It was back on the 22nd of February, 2021, when Badger announced its new yield dollar stablecoin for the ecosystem: CLAWS.
Since this new announcement, however, the BADGER token, the native token for the Badger protocol, has seen a steady rise of 8% with its daily value. However, when you view the asset across the past seven days, you see that the BADGER token managed to rise up by the tune of 30%. It was back in February when the token reached its new all-time-high of $1.72. However, the token has failed to maintain that price since it was reached.
According to DeFiPulse, BadgerDAO stands as the ninth largest DeFi Protocol out there, with a Total Value Locked (TVL) of $1.4 billion.