Badger DAO and RenVM announce launch of BTC-on-Ethereum 'Badger Bridge'
April 26, 2021. Summarized by summa-bot.
Compression ratio: 31.5%. 1 min read.
It's easier than ever to bring Bitcoin to DeFi.
Decentralized finance (DeFi) protocols Badger DAO and RenVM have announced today the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that will allow BTC holders to bring their Bitcoin to Ethereum and deposit it into yield-bearing vaults purportedly with a single click.
“With the launch of the Bridge within the Badger App, we have taken a significant step towards realizing the Badger mission of being the one-stop shop for users to put their Bitcoin to work. ”
Users of the rebranded Ren bridge are also incentivized with upwards of $6 million in $BADGER and synthetic Bitcoin $DIGG rewards: “Badger is incentivizing the transfer of up to 100,000 BTC ($5B) with nearly $6MM in user rewards to be paid out in 25,000 $BADGER and 100 $DIGG”
The integration via Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s wBTC. cafe website to BadgerDAO’s Badger Bridge page.