- DigiByte is working closely with RenVM to create a wrapped DigiByte
- The new renDGB token will allow DigiByte to become interoperable with the ERC20 framework
- Becoming part of the DeFi world will open up new doors for DigiByte and help push adoption
The DeFi craze is sweeping the crypto world, locking away billions of dollars’ worth of coins and tokens, all for the hope of lucrative interest. In the beginning, DeFi platforms were getting hacked left, right and center, but today, these DeFi platforms are the hottest things in the crypto world.
In a bid to join the DeFi craze and give DigiByte hodlers a chance to join in, as well as taking advantage of the technological benefits, DigiByte is working with RenVM to create a wrapped $renDGB token to open up access to the Ethereum network and ERC20 interoperability.
Opening the Door to a New World of Possibilities
The more studious DigiByte fans out there might be thinking that this seems a little crazy, wrapping DigiByte and moving it over to the Ethereum network where gas fees are around $0.40 and rising, but the real reason behind the move is much deeper. By wrapping DigiByte into $renDGB, it opens up a whole new world of possibilities, technologies and applications for DigiByte, meaning that it can be used just like an ERC20 token – something the world could really use.
— DigiByte (@DigiByteCoin) July 27, 2020
Could We See DigiByte Host DeFi Platforms?
DigiByte’s network is one of the cheapest and fastest blockchain networks around, but if you begin clogging it with the volumes of transactions that we’re currently seeing hit the Ethereum network thanks to DeFi, it too would start to raise the transaction fees. While DigiByte could very easily handle this type of traffic at a much lower cost to users, it makes more business sense for DigiByte to join the RenVM wrapped world.
There’s still a lot of work to be done, but it’s without a doubt that $renDGB is just around the corner, and we can’t wait to start getting a slice of the DeFi action with the wonderful and brilliant DigiByte!