Hi all, I would like to propose to the Ren community to support the integration of the Ren bridge with Arweave.
Arweave is a protocol for the sustainable, permanent storage of information. The past few months have seen massive growth in usage of Arweave for NFT storage and transaction archival for networks such as Solana and Avalanche, with data permanently stored on the network currently at 11TB+ and increasing fast. All of this has been accompanied by a rise in the usage and price of its native token AR as well.
To deal with all the demand for storage from various chains on Arweave the ecosystem has developed a system involving bundler nodes that help other chain users store data on Arweave by paying in other cryptocurrencies, this can be SOL, ETH etc. renAR will see usage with users and bundlers alike who want to work without worry of currency risk when buying storage on Arweave.
With Arweave’s endowment structure for paying out storage costs over time, usage of the network takes AR out of circulation for many years, in fact no AR has been paid out of the endowment since genesis. This makes AR a good candidate to being another store of value cryptocurrency and renAR a high-value bridge for AR in DeFi.
I would love to see an Arweave x Ren integration happen and I hope I have made it clear how it will be beneficial for both networks. Let me know of any questions y’all might have.
I talked with the team about this a while ago and they have said that they are interested in bridging with Ren (will ask again if there’s interest here) and are willing to commit to a liquidity mining program as outlined on the requirement page.
secp256k1 ECDSA wallets support on Arweave is still pending for the next hard fork though and we’ll need that before we can proceed with integration if there’s interest on Ren’s side. One of the team’s primary reasons for adding ECDSA wallet support was to be able to integrate with Ren.
I know there is already demand for AR on Ethereum by Index Coop who are launching a data index (they are including stuff like renFIL but want AR and others as well).
I’d assume the close relationship between Arweave and Solana could lead to demand in that ecosystem as well.
The team is of course focused on host-to-host bridges right now, but after that is fully deployed and stable, the Ren community will play a much bigger role in what the core team’s priorities will be, so a proper case needs to be made to the Ren community regarding how much volume and demand could be expected, and eventually it would need a proper vote!