Proposal of New Asset - $Renbtc

The Ren team has just released their Renbridge 2.0 which allows for cross chain transfers of Renbtc to BSC (RenBridge 2 Release. A new and improved RenBridge is now… | by Michael Burgess | Ren Project | Feb, 2021 | Medium).

As you may know Renbtc is one of the largest tokenised Btc assets on Ethereum with c. $1bn in liquidity and over $2.5bn of transaction volume in under a year.

Adding Renbtc as a new asset should bring a load more liquidity to Venus Protocol as Ethereum retail users are currently looking for ways to earn yield on their bitcoin holdings away from the high fees of Ethereum.

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Maybe it makes sense to add a REN token?

That’s a good one, but Venus has more important issue that need to be resolved now. We cannot allow XVS borrow get 233% APY continuously generate more free XVS, to gain free voting power. It makes Venus and XVS worthless.

dude, there is a specific topic for this question, why do you create a flood???

I think we need to add non erc20 and tokens with more marketcaps first. Because there are already many places you can lend and borrow coins like Ren on defi. But there is no other platform that you can borrow non erc20 coins like Atom, eos, xtz, ont, ada, doge. We need to add these coins first.

Yes, Ren currently supports bringing over Bitcoin, Bitcoin Cash, Zcash and Dogecoin to Binance Smart Chain. Those are all high marketcaps. Bitcoin would be a good start (renBTC).

BTC, BCH, Zcash and Doge are already on Binance Smart Chain. You can withdraw these coins directly from binance to bsc wallet. If Ren can bring non Bep-20 tokens to bsc, I can support this.

Adding Renbtc allows a trustless way for people to transfer funds from Ethereum or Bitcoin to Venus Protocol without needing to go through a Binance account. This will likely appeal to those who:

  • don’t have a Binance account
  • wish for their funds to remain anonymous
  • wish to avoid slippage when transferring large quantities of btc over to BSC

Currently nothing on Venus as far as I’m aware, allows users to bypass Binance.

Given that Btc offers liquidity of almost a trillion dollars, it strikes me that the more ways you have to port that liquidity over to Venus Protocol, the better.

I started this thread before the other one was raised. Happy to merge the two if possible, or feel free to respond to the other thread as that one has more details on RenVM and Renbtc