Ren, the open-source protocol enabling permissionless and private transfers of value between any blockchain, launched its mainnet and a dApp utilizing it within a few weeks.
Interestingly, the protocol’s native cryptocurrency REN has gained more than 40% of value in the same period.
Ren Launches RenVM Mainnet
The blockchain-based company announced the release of its RenVM Mainnet in late May, asserting that it’s the “beginning of a cross-chain era for DeFi,” as it “brings interoperability” to the decentralized finance scene.
RenVM operates as an sMPC-based decentralized custodian that mints and burns digital assets 1:1 on the Ethereum network as ERC-20 tokens.
“Anyone can now use real Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) in your favorite DeFi application. This allows you to trade, lend, and leverage these assets as you would with any other ERC-20.” – reads the announcement.
Initially, the mainnet will operate with a few DeFi platforms but is planning to include numerous more in the future.
“With RenVM’s formal release, we welcome a new era in DeFi interoperability, and a very big thank you to all of our community, investors, and supporters over the years we couldn’t have done it without you,” commented company CEO Tiyang Zhang following the launch.
Just yesterday, Ren released a basic dApp providing another way for the “average users to acquire WBTC with real BTC” called WBTC.Cafe. The statement describes it as a “collaborative effort of three DeFi projects; RenVM, Curve Finance, and WBTC,” which bolsters “greater utility for all of DeFi.”
BTC To WBTC Using WBTC.Cafe. Source: Ren Medium
REN Price Reactions
These recent developments of the company behind the native cryptocurrency REN have impacted its price. Upon the release of the mainnet, REN fluctuated rather violently, reaching a high of nearly $0,11 before plunging to $0.085. Now, the price is flirting with the $0.12 level, which represents a surge of 40% since then.
RENUSD 4h. Source: TradingView
Examining the macro scale makes REN’s gains become even more sizeable. During the massive sell-offs in mid-March, the asset price dived to its yearly bottom at $0.026. With its current position, this represents an increase of 360% in the following three months.