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Coin bureau, in a recently released video, for its 497,000 YouTube subscribers brings into light REN one of the “most underrated and undervalued cryptocurrencies on the market”.
Ren is software that allows its users to transfer both new and existing assets across different blockchains. A user can use these Ethereum tokens to participate in Ethereum’s DeFi ecosystem. It allows non-Ethereum assets, to be utilized on the Ethereum blockchain via 1:1 backed ERC20 tokens.
Ren was established by software developer Taiyang Zhang and Loong Wang in 2017. Initially named Republic Protocol, the platform renamed Ren in 2019.
Ren is one of the few cryptocurrency projects that’s been tackling interoperability head-on. The market cap of Ren’s wrapped Bitcoin token on Ethereum (renBTC) has grown to over $1 billion over the last few months. And the Ren protocol has expanded to support other chain.
Ren Continue Its Growth and Transition to Decentralization
The platform is expanding and growing, it made its way into the news when it announced that DOGEcoin will be integrated with REN (renDoge). Ren also announced that they had partnered with MyEtherWallet and more projects like FILECOIN which is an addition to the AAVE ecosystem.
The platform will also be supporting the Solana blockchain and will also be integrating with the Serum DEX. Ren is partnering with Alameda to work on multiple features, comprising Ren’s top priority of reaching the next phase of decentralization.
The Altcoin was trading at $0.94 on February 15 before it announced its integration with the Binance smart chain and also Renbridge 2 was live. After these announcements, its price has been steadily spiking upwards. With DeFi heating up, REN is emerging as a winner and moving towards breaking the records.
As of the time of publication, RENs price was at $1.20. With a circulating supply of 881 million REN coins and a max supply of 1 billion.