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Highlights
- Ren (REN) is multi blockchain operating protocol, which aims to provide interoperability and liquidity between multiple blockchain networks.
- One of the biggest USPs of the Ren crypto is that it overcomes the barriers to entry and investment for DeFi projects.
- Ranked 117 as per its market cap on CoinMarketCap, the REN crypto was trading at US $0.706655 with a trading volume of US$406,558,591.
Ren (REN) is multi blockchain operating protocol, which aims to provide interoperability and liquidity between multiple blockchain networks. Previously known as the Republic Protocol, the token was founded by Taiyang Zhang.
The token aims to remove the barriers that exist between blockchain networks and extend its interoperability. The token has been on a lean patch in December seeing more reds than greens. However, on Thursday, the token seems to have delighted the market participants with a rally of 6%. The rally comes at the back of the native asset swaps on a DEX through the VarenX. VarenX, which is powered by the RenVM protocol, allows the users to swap Bitcoins for Ethereum or Luna to Doge on a DEX.
Why is Ren so popular?
One of the biggest USPs of the Ren crypto is that it overcomes the barriers to entry and investment for DeFi projects. The users can seamlessly swap any token between any two blockchains, skipping multiple steps without going through the wrapped procedure. For this, it relies on the Ren Virtual Machine which operates on the Darknodes.
Also read: Why is Spartan Protocol (SPARTA) surging today?
The Darknodes help it compute power and storage space in exchange for fees. This ensures the movement of cryptos across the blockchains. Being a trustless custodian of the crypto assets, every the RenBTC token that the user mints is backed by an equivalent BTC token, which is stored in the RenVM.
How is Ren faring?
VarenX announcement comes just at the right time for REN which needed this lift to climb out of the semi-bearish phase. Ranked 117 as per its market cap on CoinMarketCap, the REN crypto was trading at US $0.706655 with a trading volume of US$406,558,591. REN was up by 4.56% in the last 24 hours and had a live market cap of US $ $708,277,695 and a circulating supply of 997,764,051 REN coins.
Also read: Why MonkeyBall (MBS) Token is trending today?
Experts predict that REN could be one of the cryptos to watch out for in the next few years. The seamlessness at which it can move from one blockchain network has been one of the main features that have drawing the investors towards it. They feel that REN token could see a growth by +300% in the next five years and could be setting new highs in the process. Experts predict if the rally continues it could perhaps see the price rise to US$400 by 2026.
