The inter-blockchain interoperability and liquidity protocol Ren (REN) has risen to the top of the green board with an increase of over 34% today. In this article, let’s take a look at the altcoin project and why the price is rising.
What is Ren (REN)?
Ren (REN) provides access to cross-blockchain liquidity for all dApps. In other words, it allows developers to bring BTC, BCH, ZEC and more to Ethereum applications. One of the features of the project is RenBridge, which facilitates the transfer of crypto between Blockchains. Currently, RenBridge supports eight cryptocurrencies. Ren’s main feature is its virtual machine, RenVM. It is powered by a network of machines called Darknodes, which have won awards for their contributing computing power and storage. Thus, it enables unauthorized exchange of value between Blockchains, solving the interoperability problem in DeFi via its virtual machine. So why did the REN price rise? Let’s continue with the developments of the day…
Why is the price of the altcoin project rising?
The chart above is of the REN, which has gained over 20% over the last 24 hours. Today’s big news for REN as Somanews is the launch of VarenX, a new cross-chain dApp powered by RenVM. Thus, users can connect to VarenX via MetaMask and exchange their cryptocurrencies on various platforms. The UI is similar to other DEXs like PancakeSwap and Uniswap, making it extremely easy to use.
Introducing VarenX: a new cross-chain swapping dApp powered by RenVM
— Varen (@varenfinance) December 21, 2021
In response to the launch, the price of the REN rose over 33% today to peak at $0.732. At the time of writing, the REN is trading at $0.7431 with 24-hour trading volume of $695 million. Its market cap is $741 million and is ranked as the 115th largest cryptocurrency.