The Future of BTC Composability
Individuals or DeFi dashboards like InstaDapp, DeFi Saver, and Zerion can take this flow one step further and build a product that takes the WBTC and puts it directly into a MakerDAO Vault; ultimately allowing users to send in real BTC and receive DAI in one on-chain transaction. Another option being forking this code and creating a direct on-ramp for other ERC20 BTC variants like BTC++ and sBTC.
As you can see with the above possibilities, we are excited to provide this utility for all of DeFi, and the Cafe benefits all organizations involved.
- By virtue of being built with RenJS and using renBTC, the Cafe provides velocity for RenVM.
- Cafe utilizes Curve’s low-slippage liquidity pool.
- WBTC gets more overall usage and a new tool for easy on-boarding.
The Ren team will continue maintaining the Cafe, however, if you are interested in improving the UX/UI, adding new features and maintaining the dApp long-term, do let us know here. This is just the beginning, so we are excited to see what BTC composability brings to the DeFi ecosystem.
Onwards and upwards,
— Michael W. Burgess
About Ren
Ren is an open protocol that enables the permissionless and private transfer of value between any blockchain.
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