Badger DAO and RenVM announce launch of BTC-on-Ethereum ‘Badger Bridge’

Decentralized finance (DeFi) protocols Badger DAO and RenVM have introduced at this time the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that may permit BTC holders to convey their Bitcoin to Ethereum and deposit it into yield-bearing vaults purportedly with a single click on. 

“The Badger Bridge is the primary of its variety to allow customers to earn yield on their tokenized Bitcoin instantly, all whereas transacting inside the similar app. What was once an arduous course of to acquire yield in your Bitcoin is now only a few brief clicks,” reads a weblog put up from the Badger crew. “With the launch of the Bridge inside the Badger App, we now have taken a major step in the direction of realizing the Badger mission of being the one-stop store for customers to place their Bitcoin to work.”

The announcement notes that since June of 2020, RenVM’s “ has been chargeable for efficiently minting over 25,000 BTC,” or $1.3 billion in Bitcoin to wrapped Bitcoin conversions. Customers of the rebranded Ren bridge are additionally incentivized with upwards of $6 million in $BADGER and artificial Bitcoin $DIGG rewards: “Badger is incentivizing the switch of as much as 100,000 BTC ($5B) with practically $6MM in person rewards to be paid out in 25,000 $BADGER and 100 $DIGG”

“BadgerDAO is changing into the one cease store for BTC in DeFi, and RenVM is underpinning this performance by offering seamless interoperability for his or her customers,” RenVM COO Michael Burgess stated of the mixing. “Collectively we’re really increasing breadth and utility for that Bitcoin, and all of DeFi.”

The combination by way of Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s web site to BadgerDAO’s Badger Bridge web page. Ren will proceed to supply the infrastructure for the swaps, nevertheless.

Burgess stated that the choice was pushed by an effort to streamline the person expertise with regards to wrapping Bitcoin and utilizing it as collateral within the DeFi ecosystem.

“We wished to strengthen our relationship with the BadgerDAO crew and actually make it the go to put for placing your BTC to work, so it’s a pure match. Additional, it helps from a UX perspective by consolidating this functionally for customers underneath one roof.”

Using a second protocol on the backend bears similarities to Badger’s current settlement with Yearn to construct a WBTC vault. Whereas Yearn strategists developed the vault, entry to it’s hosted on Badger’s web site with a small “Yearn” tag and the 2 protocols will break up the vault’s charges. It’s at present underneath a guarded launch with over $9 million in BTC locked incomes over 125% APY per 12 months.

Badger at present accounts for $999 million in whole worth locked. Each $BADGER and $REN up on the day after weeklong pullbacks, rising 9.28% to $28.91 and seven.86% to $0.8497, respectively.