The cryptocurrency sector has emerged as a sizzling matter on the worldwide stage in 2021 thanks largely to the expansion of decentralized finance
The cryptocurrency sector has emerged as a sizzling matter on the worldwide stage in 2021 thanks largely to the expansion of decentralized finance and non-fungible tokens which have caught most of the people’s consideration.
All through the sector there’s a want for interoperability between networks as lots of the hottest tasks are on siloed blockchain networks and excessive Ethereum charges stop builders and traders from interacting throughout chains.
One undertaking targeted on fixing this undertaking is Ren, which revealed on March 31 that Solana and Fantom had turn out to be the newest tokens supported by the interoperability-focused protocol.
March Improvement Replace
1⃣ @solana and @FantomFDN on #RenVM Testnet
2⃣ Ren Bridge 2 Open-Sourced and Forkable
3⃣ Native Price Monitoring https://t.co/Z02gXAL4Yd— Ren (@renprotocol) March 31, 2021
These additions mark the third new token supported by the protocol over the previous week, which has coincided with a 40% rally within the worth of REN as group members from the newly supported tokens uncover a newfound curiosity within the Ren ecosystem.
As extra NFT and DeFi tasks proceed to emerge on separate blockchain networks, the necessity for tasks like Ren is more likely to enhance because the cryptocurrency ecosystem as an entire seems to be for methods to extend its interconnectedness.
REN worth soars as its ecosystem expands
2021 received off to a sizzling begin for Ren due to the explosion in development of decentralized finance and the protocol’s potential to deliver tokens from different blockchains onto the Ethereum (ETH) community the place a majority of the energetic decentralized purposes exist.
Momentum for Ren actually began to construct on Jan. 26 after it was introduced that Dogecoin (DOGE) may very well be transacted on the Ethereum community by way of the renDOGE bridge.
The announcement of a partnership with Alameda analysis on Feb. 2 adopted by the protocol’s integration with the Binance Good Chain on Feb. 18 helped push Ren to an all-time excessive of $1.84 on Feb. 19 earlier than the general market correction that started on Feb. 20 dropped the worth again beneath $1.
Following the downturn, Ren has continued to broaden its ecosystem by way of integrations with DeFi protocols like 1inch (1INCH), PancakeSwap (CAKE) and BadgerDAO (BADGER), in addition to by way of the addition of latest cross-chain property together with Digibyte (DGB), Terra (LUNA), Solana (SOL) and Fantom (FTM).
A collaboration that was shaped with Polkadot (DOT) again in June 2020 has additionally been paying off for Ren of late as DeFi tasks just like the Acala community put together to launch on the Polkadot community as soon as the upcoming parachain auctions are full.
In response to the newest ecosystem replace, the RenVM surpassed $Three billion in complete quantity on the finish of February and has paid out over $5,500,000 to node holders since its inception. The group has additionally launched an replace for Ren Bridge 2, which is now totally open-source and might be accessed on GitHub.
Indicators of rising fundamentals
Alongside the current integration with a number of DeFi platforms and the addition of Solana, Fantom and Luna to the Ren ecosystem, the VORTECS™ Rating, an algorithm comprised of present and historic market sentiment, buying and selling quantity, current worth motion and Twitter exercise, has risen as excessive as 78 over the previous week as fundamentals for the undertaking enhance.
As seen within the chart above, the VORTECS™ Rating flipped inexperienced on March 26 and has remained on this zone for a majority of the time since then. Earlier backtesting of the Markets Professional system has proven that larger VORTECS™ scores trace that the present market circumstances are just like circumstances previously when the asset rallied over the following a number of days.
With the momentum of nonfungible tokens beginning to wane, merchants may quickly be trying to rotate into the following sizzling sector and there are indicators that exercise on DeFi platforms is once more on the uptick.
As blockchain expertise will increase its presence within the mainstream monetary markets, Ren is one altcoin traders are clearly watching as a consequence of the truth that interoperability will stay a significant focus in serving to to unify what’s presently a disjointed cryptocurrency ecosystem.
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