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Highlights
- Founded by Taiyang Zhang, Ren crypto (REN) is primarily an open protocol network that offers liquidity and interoperability between different blockchain platforms.
- The ERC-20 token with its multiple use cases, reduces the barriers to entry and investment for DeFi projects.
- Ranked 141 as per its market cap on CoinMarketCap, the REN crypto was trading at US$0.398707 with a trading volume of US$122,976,723 over a day.
Founded by Taiyang Zhang, Ren crypto (REN) is primarily an open protocol network that offers liquidity and interoperability between different blockchain platforms. The ERC-20 token with its multiple use cases reduces the barriers to entry and investment for DeFi projects.
With Ren, the users can lock digital assets in one form such as Bitcoin via the smart contracts and receive its equivalent in Ether. So, in a way, this allows the BTC holders to use the Ren to access DeFi products, without having the need to sell Bitcoins.
Previously known as Republic Protocol, the project was rebranded to REN in 2019. The REN token has hit a purple patch of late witnessing a bull run registering gains of over 44% in the past week. Even today, on 3 March, the REN token was up by 4.93% with a volume gain of over 60%.
Also read: 3 Upcoming Crypto Airdrops to watch out in March
Why is Ren rallying?
One of the reasons for the rally seems to be a new token drop on its platform. The Ren ecosystem will bring in interoperability to the blockchain, to the Voyager app. REN is a unique project because it reduces the barriers to entry, and the users can seamlessly navigate from one token to other on various blockchain networks.
This allows them to simplify the process and minimise their navigation through multiple steps. As it does incur charges, as an ERC-20 token it also attracts varying gas fees to power transactions.
Also read: Why Animal Farm crypto is a unique yield farming protocol network?
How is Ren’s price faring?
Ranked 141 as per its market cap on CoinMarketCap, the REN crypto was trading at US$0.398707 with a trading volume of US$122,976,723 over a day. REN was up by 4.99% in the last 24 hours and had a live market cap of US $398,243,165 and 998,837,500 REN coins in circulation.
The bull run will give heart to the REN ecosystem and its users will hope that the rally continues for some more time. But it is also important to note that cryptos are a volatile product and one must be careful while taking investment decisions. One must do proper research before deciding to invest in digital currencies.
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