Ren, the cross-chain bridge service, has announced that its development team will be joining Alameda according to a blog post by CEO Taiyang Zhang.
It has been reported that Zhang revealed that the focus of the move is on enabling Solana (SOL) support on RenVM, the project’s cross-chain liquidity protocol launched back in May 2020.
However, according to the Zhang, development work on the integration is currently being audited with full deployment expected to begin by the summer.
We’re excited to announce that the Ren development team will be joining Alameda Research!https://t.co/WmwkYRCw4y — Ren (@renprotocol) February 2, 2021
Zhang said:
“The upcoming support for Solana, and integration into Serum, will help bring even more volume and users to RenVM, solidifying it as the highest usage interoperability network. RenVM will see new and diverse assets, new users, and increased fee revenue for its node operators.”
The report said that Zhang said the partnership with Alameda will explore channels for achieving greater decentralization of its RenVM protocol. Both partners will work on the testnet and mainnet implementations of Greycore.
The implication of such pursuits is geared towards improving cross-chain interoperability in the expanding decentralized finance arena.
Is it “mergers and acquisitions” season? Ren has announced its development team will be joining the folks at Alameda Research. https://t.co/GX5NOF5PLl — Cointelegraph (@Cointelegraph) February 4, 2021
Likewise, Michael Burgess, the Chief Operating Officer of Ren, said:
“This collaboration will certainly be a boon for interoperability within DeFi. Not only will joining Alameda help expedite RenVM’s technological decentralization, but the Ren team will have all of Alameda’s resources at their disposal.”
According to him, the platform has already processed over $2.4 billion in cross-chain volume indicating the significant market validation for decentralized finance interoperability.
Thus, by partnering with Alameda, Burgess says the Ren team will be able to take advantage of the research firm’s expertise in areas like operational growth and community governance infrastructure, among others.
Source: Cointelegraph