No Result
View All Result
Subscribe
Thursday, March 4, 2021
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact
No Result
View All Result
CRYPTOCURRENCIESNEWS
No Result
View All Result
Home Crypto News

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

by admin
January 22, 2021
in Crypto News
DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

Interoperability between blockchains is quickly changing into one of many buzz phrases being thrown round when discussing decentralized finance and the cash almost certainly to rally throughout an altcoin bull run. 

The speedy development of DeFi, its ever increasing whole worth locked and hovering ETH fuel charges additional spotlight the sector’s want for a layer 2 choice that additionally helps the flexibility to transact worth throughout completely different networks.

REN’s open protocol is designed particularly to fill this want by offering interoperability and liquidity between the highest blockchains together with Bitcoin, Ethereum and Zcash.

Over the previous three weeks the value of REN has elevated by greater than 200%, going from $0.251 on Dec. 27 to a brand new all-time excessive of $0.778 on Jan. 20 pushed by a report $369 million in 24-hour quantity.

REN/USDT 4-hour chart. Supply: TradingView

Three causes for the current value surge within the value of REN embrace the announcement of a collaboration with Google, the continued enhance in whole worth locked on the platform and the flexibility to earn passive earnings in a number of cryptocurrencies by way of the operation of a darknode.

Google software program pivot boosts sentiment, addresses RENvm scaling points

On Jan.19 the REN staff tweeted:

Ren has been researching & constructing on @Asylodev, an open and versatile framework by @Google. @GCPCloud confidential computing relaxes RenVM’s financial constraints, permitting for an unbounded scaling resolution. #RenVM.”

Not lengthy after the tweet, REN value started to rally to a brand new all-time excessive. As talked about within the tweet, Asylo is an open and versatile framework from Google designed to assist construct moveable functions that run on Safe Enclave {hardware}.

The safe enclave {hardware} permits customers to run general-purpose functions in a safe surroundings the place each the information, and the appliance itself, can’t be compromised by anybody, together with the consumer. This makes for a safer expertise for all events concerned and helps shield in opposition to malicious code and backdoor assaults.

Asylo additionally makes it attainable to port an software from one kind of {hardware} to the following, that means that builders can assist a number of implementations with relative ease, together with Intel implementations, AMD implementations, and any others that seem sooner or later. The range of selection this permits is a vital function to make sure decentralization on the community.

Complete worth locked soars to a brand new excessive

Group engagement and added worth are key elements with regards to the long-term success of a blockchain undertaking.

Because the launch of the Ren digital machine mainnet (RenVM) in Could 2020, engagement on the platform has steadily elevated as Bitcoin holders now had one other approach to carry their BTC to Ethereum and the rising DeFi area.

As seen within the chart beneath, the entire worth locked on the Ren platform reached a brand new all-time excessive of $653.6 million on Jan. 20 and a complete of 14,670 BTC are locked on the platform to create renBTC.

Complete worth locked in RenVM. Supply: DeFi Pulse

The listing of belongings that RenVM helps continues to develop with BTC, Bitcoin Money (BCH), Zcash (ZEC), Filecoin (FIL), Terra (LUNA), Dogecoin (DOGE) and Digibyte (DGB) at present accessible to transact on the Ethereum and Binance blockchains.

Growth is at present underway to make it attainable to work together on the Polkadot (DOT), Solana (SOL) and Cosmos (ATOM) networks as effectively, which might additional improve the interoperability supplied.

Darknodes, passive earnings and a lowering provide

The third driving drive behind the current value appreciation of REN pertains to the Ren token use case and the way it might help customers earn passive earnings. RenVM is a community of digital computer systems that make up a digital machine, that are additionally known as Darknodes.

REN token holders who want to function a darknode must lock up 100,000 REN which wiil allow them to course of transactions on the community and earn a payment within the type of the token transacted. Thus, a darknode operator has the chance to earn passive earnings within the type of a number of completely different cryptocurrencies from one location.

Ren Darknode Statistics. Supply: Renproject

As might be seen within the above graphic, 17.13% of REN’s whole provide is at present bonded on the platform and helps the operation of darknodes.

Throughout essentially the most not too long ago accomplished cycle, the community as an entire earned $839,128 in charges within the type of BTC, ZEC, FIL and BCH. The overall community charges collected because the launch of the RenVM equals $2.975 million.

The continued addition of latest tokens and interoperability with new blockchains will doubtless see elevated utilization of the community and a rise within the quantity of charges earned. On the present value of $0.6157 it prices $61,570 to function a darknode.

RenVM whole customers over time. Supply: Dune Analytics

As exercise on the community will increase, the quantity of charges generated can even enhance, making it much more profitable for token holders to function a darknode. This has the potential to result in additional value appreciation from REN as each new darknode leads to a direct lower in its circulating provide.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your individual analysis when making a call.

ShareTweetShare

Related Posts

Huobi secures crypto asset administration license in Hong Kong
Crypto News

Huobi secures crypto asset administration license in Hong Kong

March 4, 2021
Nvidia wins authorized battle over $1B in gross sales of crypto mining {hardware} after 3 years
Crypto News

Nvidia wins authorized battle over $1B in gross sales of crypto mining {hardware} after 3 years

March 4, 2021
OKEx Lists Chiliz, Allows CHZ/USDT and CHZ/BTC Spot Buying and selling
Crypto News

OKEx Lists Chiliz, Allows CHZ/USDT and CHZ/BTC Spot Buying and selling

March 4, 2021
Crypto Valley's prime corporations up 680% in worth since mid-2020
Crypto News

Crypto Valley's prime corporations up 680% in worth since mid-2020

March 4, 2021
TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key
Crypto News

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

March 4, 2021
Polygon-based QuickSwap's TVL grows by $75M in two weeks
Crypto News

Polygon-based QuickSwap's TVL grows by $75M in two weeks

March 4, 2021

Most Read

No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

February 20, 2021
Exmo crypto alternate suffers hack, halts all withdrawals

Exmo crypto alternate suffers hack, halts all withdrawals

December 21, 2020
JPMorgan Chase execs weigh in on stablecoin regulation, crypto competitors

JPMorgan Chase execs weigh in on stablecoin regulation, crypto competitors

January 16, 2021
XRP value beneficial properties 86% after Wall Road Bets’ crypto wing says 'pump it'

XRP value beneficial properties 86% after Wall Road Bets’ crypto wing says 'pump it'

January 31, 2021
Blockchain-based Gaming Platform Exceedme Publicizes Strategic Buyers And Companions

Blockchain-based Gaming Platform Exceedme Publicizes Strategic Buyers And Companions

December 27, 2020
Chainlink hits new highs, however is LINK about to drag one other 150% parabolic transfer?

Chainlink hits new highs, however is LINK about to drag one other 150% parabolic transfer?

February 10, 2021
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact

Copyright © 2020 CryptoCurrenciesNews | All Rights Reserved

No Result
View All Result
  • Home
  • Crypto News
  • Offers
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA Notice
  • Contact

Copyright © 2020 CryptoCurrenciesNews | All Rights Reserved

  • BTC

    (USD 49,394.03)

    -2%
  • ETH

    (USD 1,560.34)

    -43.01%
  • XRP

    (USD 0.45)

    0.0037%
  • BCH

    (USD 517.60)

    -21.56%
  • EOS

    (USD 3.80)

    -0.165%
  • LTC

    (USD 185.80)

    -7.85%
  • ADA

    (USD 1.20)

    -0.047%
  • XLM

    (USD 0.42)

    -0.0124%
  • MIOTA

    (USD 1.20)

    -0.03624%
  • NEO

    (USD 38.80)

    -1.98074%
  • XMR

    (USD 215.09)

    -7.97284%
  • DASH

    (USD 219.49)

    -11.90116%
  • TRX

    (USD 0.05)

    0.00221%
  • XEM

    (USD 0.74)

    -0.08102%
  • USDT

    (USD 1.00)

    -0.001%
  • VEN

    (USD 7.51)

    -0.20688%