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The discussion focused on RenVM's integration of a Polygon Bridge for rBTC, which could boost liquidity for Bitcoin users seeking trustless options over custodian-based WBTC. RenVM's robustness in securely managing private keys for various assets and encapsulating them on smart-contract chains like Ethereum was also emphasized.
The discussion primarily revolved around the integration of a Polygon Bridge for rBTC by RenVM, a development that was brought to light by Degen. This integration could potentially enhance liquidity for Bitcoin users who are more inclined towards a trustless option as opposed to WBTC, which is custodian-based. Degen also referenced a past proposal to incorporate support for renBTC within the Aave community.
RenVM, developed by the Ren Project, is a byzantine fault-tolerant protocol that facilitates ECDSA threshold key generation and signing via sMPC. This functionality enables RenVM to securely manage (ECDSA) private keys for various assets, including Bitcoin, and encapsulate these assets on smart-contract chains such as Ethereum. Since its inception, RenVM has processed a total volume of $847m (77.8k BTC) in Bitcoin transactions1.
In conclusion, the integration of a Polygon Bridge for rBTC by RenVM is a significant development that could potentially increase liquidity for Bitcoin users. The discussion also highlighted the robustness of RenVM in securely managing private keys of different assets and wrapping these assets on smart-contract chains.
Posted 3 years ago
Last reply 3 years ago
Summary updated 2 months ago
Last updated 09/12 13:53