Decentralized finance protocol BadgerDAO has taken another step in bringing Bitcoin to DeFi with a ‘bridge’ in partnership with Ren.
BadgerDAO has announced integration with RenVM to launch a new product known as the “BTC Bridge.” This will give DeFi users direct access to bringing their native BTC onto the Badger dApp.
The integration with RenVM will allow Badger users to use BTC to mint tokenized versions of the asset, renBTC or wBTC, onto the platform. This should eliminate a number of steps in the process of earning DeFi yields on Bitcoin.
Bringing $500 Billion in Bitcoin to DeFi
Over the past few months, there have been concerted efforts to expand DeFi beyond the realms of Ethereum and bring Bitcoin into the fold. Protocols such as Badger, which partnered with Yearn Finance in Feb., and Ren have been at the forefront of those efforts.
Badger’s flagship product is called the Sett vault whereby users can deposit different types of tokenized Bitcoin, such as wBTC and renBTC, to generate automated yields. Ren is an open protocol providing access to cross-chain liquidity for all decentralized applications. RenVM is the decentralized network of virtual computers that powers this interoperability.
The BTC Bridge (Badger Bridge) will be the inaugural product for the Badger Cetedel Program providing a gateway for BTC to transfer to other chains, the announcement added.
The Badger Cetedel Program aims to bring $500 billion in Bitcoin to DeFi through a series of liquidity mining incentives.
“As the gateway for BTC to transfer to other chains, the Badger Bridge, powered by RenVM, directly carries out the mission of the Badger Cetedel Program and furthers the primary mandate of BadgerDAO.”
On Feb. 22, BadgerDAO announced a new stablecoin called CLAWS that will act as a yield dollar for the ecosystem.
BADGER and REN Price Updates
The DeFi protocol’s native BADGER token is up 8% since its daily open, trading at $56 at the time of press. It’s still a bit down from its Feb. 9 all-time high of $87 but has made an impressive 30% over the past seven days.
The total value locked on the protocol currently stands at $1.4 billion according to DeFi Pulse which ranks BadgerDAO at ninth place in the TVL charts.
REN has remained relatively flat on the day and the past week, trading at around $1.12 according to CoinGecko. An all-time high of $1.72 was reached on Feb. 20 but the token has fallen back since then. The yearly view is much better for REN having surged over 1,600% since the same time in 2020.
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