The latest RenVM upgrade includes Fantom’s blockchain support, bringing popular crypto assets BTC, BCH, DGB, DOGE, FIL, Zcash, and LUNA to Fantom’s ultra-fast, low-fee DeFi ecosystem.
Fantom users enjoy significantly lower transaction waiting times and significantly lower transaction fees. Unfortunately, users who own original assets in other major blockchains do not have this ability, yet. With Fantom’s RenVM integration rolled out, users from other networks can deposit their assets directly into Fantom using RenBridge and enjoy Fantom’s low-fee and faster transaction system. Users will also be able to deposit and withdraw their crypto assets to the Fantom blockchain without having to go through multiple exchanges. Through RenBridge integration, DeFi enthusiasts can now add and exchange nearly all of their assets across multiple blockchains to Fantom and make any necessary trades without having to rely on a central exchange.
The integration will support BTC, ZEC, BCH and DOGE immediately. Others will be operational soon as the integration evolves and expands. This will give users more ways to use Fantom to build their crypto wallet and make it work for them. Most importantly, they will see their portfolio become faster, more flexible and more adaptable to changing situations and market conditions.
This also marks a new stage of development for Fantom as a whole. As new partnerships and integrations flourish, Fantom will become more and more prominent in the cryptocurrency world. As Fantom cultivates more synergies and gains compatibility with more types of assets, its usefulness, agility, and overall value will only increase for portfolio owners.
The original REN assets that will be available on the Fantom blockchain from now on
Rinbetek Dollars | Bitcoin (BTC) on Fantom
$ Rinbach | Bitcoin Cash (BCH) on Fantom
$ renDGB | DigiByte (DGB) on Fantom
$ renDOGE | Dogecoin (DOGE) on Fantom
Renville Dollar | Filecoin (FIL) on Phantom
$ renLUNA | Earth (MOON) on Phantom
Rinzik Dollar | Zcash (ZEC) on Phantom
Steps for users
To take advantage of this new integration, users must add Fantom Network to their MetaMask Using this quick tutorial. Users will then be able to link their different currencies and start taking steps.
With this integration still in its early stages, new developments are imminent. Expect Curve Finance, BadgerDAO and Varen to be included soon.
As Fantom continues to expand its toolbox, it is all about giving cryptocurrency holders the ability to make the best possible choices for their portfolio. This is an entirely new development on the horizon, and it is only the beginning. Stay tuned for new assets as they become compatible with the new integration.
RenVM is an open protocol that provides access to inter-blockchain liquidity for all decentralized applications. The secure network allows users to exchange, lend, and transfer their cryptocurrency, whatever suits their needs.
About PhantomThe Fantom Foundation is committed to building open source, decentralized, and Dag-based distributed ledgers. Every day, they create fast, secure, and scalable tools relevant to a wide range of industries that allow businesses, organizations, and individuals to develop secure and decentralized applications to solve real-world problems.