On 11 June, Ren Protocol announced that RenVM is now integrated with Curve Finance.
The partnership between Ren and Curve Finance for RenVM would promote Bitcoin trading transactions on Curve Finance.
Promoting BTC transactions
The integration of RenVM on Curve Finance is made available through RenJS. This integration would allow the public to use and transact with the native BTC on Curve Finance.
With this, anyone can be allowed to deposit and enjoy immediate earning on BTC trading fees. You can access it here.
In addition, the integration of RenVM on Curve Finance will promote easy interactions between BTC and WBTC. Without any sign-ups, the first low-slippage on and off-ramp for WBTC can be created.
.@aantonop, your vision of "one network, many chains" has been realized.@CurveFinance, an Ethereum dApp, lets you trustlessly swap BTC for WBTC from your Bitcoin wallet via @renprotocol. RenVM uses sMPC + SSS to custody BTC and mint a 1:1 ERC20 (renBTC)https://t.co/7jDZ6AlrnB
— bitnonymous (@bitnonymous) June 11, 2020
This means than when you send in BTC, you can easily get WBTC in return.
Towards the advancement of Decentralized Finance (DeFi)
The integration of RenVM on Curve Finance also affects the advancement of Decentralized Finance (DeFi). The integration provides an essential background towards the advancement of DeFi’s utility in several ways.
With the renBTC <> WBTC pool, dApps such as WBTC.Cafe, Aave, Zapper.fi, and Compound, can create new financial products. Also, anyone using WBTC can also create new financial products, which were previously impossible in DeFi.
This pool can also be used by DEX aggregators such as 1inch, Paraswap, Totle, Dex.ag, etc. to swap BTC → WBTC → any coin. This way, both parties will be interested in future transactions and earnings.
More to come from Ren Protocol and Curve Finance
Ren Protocol is indeed excited about this partnership with Curve Finance. According to the post, it is the “first native RenVM integration with Curve Finance!”
It is pertinent to note that Curve is a member of the Ren Alliance. Therefore, both parties have worked together in providing the native BTC functionality. As a member of the Ren Alliance, Curve gas received many benefits from Renewable Protocol.
These benefits include integration support, co-marketing assistance, test liquidity support, testing help, and real BTC utility in the DeFi space.
According to the report, Ren reveals that they would continually partner with Curve Finance in order to bring in “more liquidity pools and cross-chain functionality to their DeFi application”.
Recently, Ren protocol announced that its core product RenVM went live on mainnet. Also, renBTC, the latest Bitcoin implementation on the Ethereum blockchain went live without any fanfare.