Rangers Protocol has opened its testnet to users, aiming to provide an Ethereum Virtual Machine-compatible solution that supports cross-chain contract interoperability.
In a Friday announcement, Rangers Protocol said it had successfully migrated its first DApp to the testnet, which went live on July 19. The project migrated an Ethereum-based lending protocol, BlueStone, to the testnet, a move that Rangers described as “smooth and developer-friendly” given its Ethereum Virtual Machine, or EVM, compatibility.
Though there are seemingly alternative solutions utilizing Solidity-friendly blockchain technology, Rangers Protocol is branding its testnet as useful to “new developers without blockchain background knowledge.” Individuals interested in using the protocol will reportedly have an easier time creating nonfungible tokens, or NFTs, as well as gaming applications, in a permissionless environment.
Rangers Protocol co-founder Mary Ma announced in June that the organization would be launching its testnet in July following $3.7 million seed and private equity funding rounds. Ma claimed the protocol would have decentralized apps on its network and include a cross-chain protocol, NFT protocol, and EVM compatible system. The project is reportedly the work of three years of development.
Crypto.com also recently launched its chain testnet, allowing projects built on EVM-compatible chains to transfer over to its ecosystem. The open-source testnet, Cronos, runs on a proof-of-authority consensus algorithm and is powered by proof-of-stake chain Ethermint.
Originally branded as the Rocket Protocol, Rangers is a China-based crypto company with an estimated valuation of $63 million. Venture funds backing the project include Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, Alameda Research, AU21 Capital, HashKey Capital, SevenX Ventures, SNZ, Spark Digital Capital and others.