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- The trend of DeFi projects such as Ren scaling back to where they have started is reversing back. The price of REN climbed to a daily high of $0.418 on March 3.
- Launch of the first application on Ren blockchain, Catalog, VarenX’sVarenX’s Integration With Polygon Network, and other partnerships and integrations are being considered the reason behind the surge in REN price.
- Very recently, Ren partnered with Kava on the Kava Pioneer program. RenVM is going to be deployed on the Kava Network Ethereum co-chain on March 8.
DeFi projects such as Ren have circled back to where they have started due to the decreased activities for many protocols because of the high fees on Ethereum. In addition, digital assets such as NFTs have overshadowed DeFi.
However, the recent events seem the trend is reversing now; the current events have pointed out the DeFi benefits and holding assets outside the traditional finance system.
In this week, the price of REN rose to a daily high of $0.418 on March 3, a 69% spike from a February low of $0.247.
The launch of Catalog, layer-one application, various new partnerships, and integrations for REN and the Ren Virtual Machine (RenVM) are the three reasons behind the potential price reversal in REN.
Launch Of Catalog: First Application On Ren Blockchain
The launch of Catalog, the first application built on the Ren blockchain, is one of the most significant developments of the REN project.
According to Ren, Catalog is a “Metaversal” exchange built to secure cross-chain decentralized exchange (DEX). The DEX has built-in liquidity mechanisms that enable users to swap assets over popular networks at an inexpensive cost.
Catalog’sCatalog’s liquidity mechanism will explore native asset pools and liquidity across third-party DEXs. This will allow REN to support a range of projects without having to worry about liquidity constraints.
VarenX’s Integration With Polygon Network
VarenX DeFi hub’s integration of REN on the Polygon Network is the second factor responsible for the momentum boost for REN.
Up until now, it was difficult for VarenX to gain traction since it only operated on the Ethereum network.
Due to the Polygon network’s low fees, VarenX uses its “FreeWei” feature, now providing gasless transactions. The feature covers the gas costs for users, providing them a free cross-chain experience.
ALSO READ: Bitcoin network would witness an enhanced transaction privacy
Series Of Other Partnerships And Integrations
A series of partnerships and integrations on Ren’sRen’s part constitutes the third factor behind its rise. These collaborations have helped it strengthen its cross-chain ties.
Quite Recently, Ren Collaborated on the Kava Pioneer program with Kava. On March 8, RenVM will be deployed on the Kava Network Ethereum co-chain.
The listing of REN on the Voyager app and exchange, a renBTC integration with Vesta Finance, and partnership with DappBack are among its notable developments.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
