What Is Ren (REN)?
Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms.
To learn more about this project, check out our deep dive of Ren.
Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018.
The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes.
Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.
Who Are the Founders of Ren?
What Makes Ren Unique?
Ren is a complex platform with multiple use cases, but it is ultimately designed to overcome barriers to entry and investment for DeFi projects.
As a plug-in, it allows DeFi projects to bring foreign cryptocurrency assets such as Bitcoin (BTC) and Zcash (ZEC) to their offerings. More broadly, users can in essence swap any token between any two blockchains without middle steps such as using so-called “wrapped” versions of tokens, for example Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH).
RenVM is a network of virtual computers making up a virtual machine. The machines powering the network which makes up RenVM are called Darknodes.
Ren charges various fees for internal operations, but most do not go towards direct profitability, instead being paid to miners. As an ERC-20 token, REN also attracts varying gas fees to power transactions.