Ren Partners with Alameda to Boost Solana (SOL) Cross-chain DeFi Interoperability
Decentralized finance (DeFi) cross-chain bridge protocol Ren is looking to promote DeFi interoperability by collaborating with crypto research and quantitative trading outfit Alameda. Meanwhile, Solana (SOL) has been seeing an uptick in activity as high transaction fees on Ethereum push DeFi traders to consider other blockchain alternatives.
Ren Dev Team to Join Alameda
Ren CEO Taiyang Zhang announced the news of the move via a post on the project’s Medium account. According to the blog post, the Ren development team and their counterparts at Alameda will work towards fostering significant improvements in the emerging blockchain space.
The first port of call for the collaboration will be integrating Solana assets into the RenVM environment. RenVM is a cross-chain liquidity protocol launched by Ren back in mid-2020. Commenting on the plans for the Solana asset bridge on RenVM, Zhang revealed:
“As part of joining Alameda, the Ren development team will be prioritising support for Solana in our Multichain libraries, and in RenVM itself. This support is currently under audit, and we anticipate that we will be able to begin bridging assets to/from Solana in Q2. Doing so will have a profound impact on Serum, but also on the wider Solana ecosystem.”
For Zhang, a Solana asset bridge on RenVM will offer more liquidity for users of the platform. The move will also increase the diversity of assets available on the cross-chain bridge.
With Solana integration on the agenda, the Ren CEO says the collaboration with Alameda will also explore ways of improving DeFi decentralization. According to Zhang, the Alameda team will play an integral role in the Greycore implementation which is touted as a major step in improving the decentralization of the RenVM protocol.
Cross-chain DeFi Operability
Detailing the importance of the collaboration with Alameda in the area of cross-chain interoperability, the Ren CEO explained:
“This new partnership will also have a broader impact on the blockchain space, especially Solana. With the ability to move ETH and ERC20s between chains will come the ability to move SOL, SRM, and other Solana-native assets between chains. This will help integrate Solana more deeply into DeFi, bringing more liquidity and utility to its applications and assets.”
As previously reported by BTCManager, Solana has already made some inroads in the cross-chain interoperability arena, creating a secure Ethereum (ETH) blockchain gateway back in October 2020. Earlier in the same year, Solana partnered with Terra to create wrapped stablecoins for trading in the DeFi market.