The new bridge will allow Ren’s ERC-20 representations of BTC, BCH, DOGE, FIL, LUNA, ZEC and DGB, which can now be transferred onto the Polygon network.

The launch of the new Polygon x RenVM Bridge was announced on Twitter by Polygon on Thursday, which emphasized the bridge will allow Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) and other assets to be used on the high-speed and low-cost layer-two network.

Ren and Polygon have teamed up to launch a bridge allowing BTC and other assets to be transferred between Bitcoin and the Ethereum scaling solution.

Ren’s ERC-20 representations of Bitcoin, Bitcoin Cash (cryptoprimacy.com/bitcoin-cash-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-cash-price-index/amp”>BCH), Dogecoin (cryptoprimacy.com/doge-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/doge-price-index/amp”>DOGE), Filecoin (FIL), Terra (LUNA), Zcash (cryptoprimacy.com/zec-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/zec-price-index/amp”>ZEC) and DigiByte (DGB) can now be used on the Polygon network. The assets can be traded and pooled on Polygon-based decentralized exchange QuickSwap, with the Ren team also hinting at future yield opportunities for the tokens on Polygon deployments of Curve Finance and BadgerDAO.

Speaking to Cointelegraph, a Ren representative indicated the team plans to launch more bridges to high-speed scalable networks in the near future.

Since cryptoprimacy.com/news/ren-launches-tokenization-engine-to-bolster-cross-chain-liquidity” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/ren-launches-tokenization-engine-to-bolster-cross-chain-liquidity/amp”>launching the RenVM one year ago, Ren has emerged as a leading portal allowing wrapped versions of Bitcoin, Bitcoin Cash, Zcash and other layer-one assets to be traded on the Ethereum mainnet. Roughly $246.3 million worth of assets were bridged using RenVM over the past seven days.

According to DeFiLlama, the RenVM is currently the 30th-largest decentralized finance protocol with a total value locked of $573 million.

Polygon has recently emerged as the leading layer-two scaling solution by TVL and the second-largest decentralized finance protocol overall with roughly $10.3 billion worth of assets currently held on the network. On Tuesday, it was announced that famed billionaire investor cryptoprimacy.com/news/mark-cuban-officially-backs-polygon” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/mark-cuban-officially-backs-polygon/amp”>Mark Cuban had invested in Polygon.

However, competition among layer twos is heating up, with Arbitrum targeting its cryptoprimacy.com/news/uniswap-v3-looks-set-for-layer-two-scaling-on-both-arbitrum-and-optimism” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/uniswap-v3-looks-set-for-layer-two-scaling-on-both-arbitrum-and-optimism/amp”>mainnet launch for Friday, and Optimism aiming to go live in July.