The Rhine (REN) price rose 93 percent month on month to an all-time high of $ 1.80. So what are Ren and REN tokens?
The REN token gained 41% in value on the weekly chart, while its gain in two weeks exceeded 74%. Seeing a 21% increase on a daily basis, the REN token saw ATH, rising to $ 1.80 on February 20.
Positioning 61st in terms of market value, REN saw a trading volume of $ 937 million in a 24-hour period, and REN’s market value reached $ 1.3 billion.
What are Ren and REN tokens?
Ren, a privacy-focused protocol, was launched in 2018. The protocol enables transfer transactions between blockchain networks. The privacy-focused Rhine network uses zkSNARK. It also has a feature that allows DeFi protocols to work together. DeFi protocols can take advantage of the liquidity that comes with the cross-blockchain transaction capability offered by Ren.
Ren, which can combine DeFi protocols, integrated with Binance Smart Chain with RenBridge 2 technology. This integration expanded the use of RenVM. RenVM, the core product of the Rhine network; It is a decentralized structure where digital assets are kept. At the same time, RenVM serves to increase the liquidity in the Ethereum network. This product, referred to as a virtual machine, is supported by computer nodes named Darknodes. Darknodes increases Ren’s network power and capacity, while earning rewards based on transaction volume in return.
The REN token used in the Ren ecosystem is required to run a node on the core product RenVM. In order to run Darknode, 100 thousand REN tokens must be paid. The REN token has a limited supply of 1 billion and has a circulating supply of 881 million. Among the exchanges with REN tokens; Coinbase, Bitexen, Binance, Digifinex, OKEx, Gemini, Huobi, UniSwap, and SushiSwap.