The cryptocurrency sector has emerged as a scorching subject on the worldwide stage in 2021 thanks largely to the expansion of decentralized finance and non-fungible tokens which have caught most of the people’s consideration.
All through the sector there’s a want for interoperability between networks as lots of the hottest initiatives are on siloed blockchain networks and excessive Ethereum charges forestall builders and traders from interacting throughout chains.
One mission targeted on fixing this mission is Ren, which revealed on March 31 that Solana and Fantom had turn out to be the newest tokens supported by the interoperability-focused protocol.
March Improvement Replace
— Ren (@renprotocol) March 31, 2021
These additions mark the third new token supported by the protocol over the previous week, which has coincided with a 40% rally within the value of REN as group members from the newly supported tokens uncover a newfound curiosity within the Ren ecosystem.
As extra NFT and DeFi initiatives proceed to emerge on separate blockchain networks, the necessity for initiatives like Ren is prone to improve because the cryptocurrency ecosystem as an entire seems to be for tactics to extend its interconnectedness.
REN value soars as its ecosystem expands
2021 acquired off to a scorching begin for Ren due to the explosion in progress of decentralized finance and the protocol’s capacity to carry tokens from different blockchains onto the Ethereum (ETH) community the place a majority of the energetic decentralized purposes exist.
The announcement of a partnership with Alameda analysis on Feb. 2 adopted by the protocol’s integration with the Binance Good Chain on Feb. 18 helped push Ren to an all-time excessive of $1.84 on Feb. 19 earlier than the general market correction that started on Feb. 20 dropped the value again under $1.
Following the downturn, Ren has continued to increase its ecosystem by integrations with DeFi protocols like 1inch (1INCH), PancakeSwap (CAKE) and BadgerDAO (BADGER), in addition to by the addition of recent cross-chain belongings together with Digibyte (DGB), Terra (LUNA), Solana (SOL) and Fantom (FTM).
A collaboration that was shaped with Polkadot (DOT) again in June 2020 has additionally been paying off for Ren of late as DeFi initiatives just like the Acala community put together to launch on the Polkadot community as soon as the upcoming parachain auctions are full.
Based on the newest ecosystem update, the RenVM surpassed $3 billion in whole quantity on the finish of February and has paid out over $5,500,000 to node holders since its inception. The crew has additionally launched an replace for Ren Bridge 2, which is now absolutely open-source and might be accessed on GitHub.
Indicators of rising fundamentals
Alongside the current integration with a number of DeFi platforms and the addition of Solana, Fantom and Luna to the Ren ecosystem, the VORTECS™ Score, an algorithm comprised of present and historic market sentiment, buying and selling quantity, current value motion and Twitter exercise, has risen as excessive as 78 over the previous week as fundamentals for the mission enhance.
As seen within the chart above, the VORTECS™ Rating flipped inexperienced on March 26 and has remained on this zone for a majority of the time since then. Earlier backtesting of the Markets Pro system has proven that greater VORTECS™ scores trace that the present market circumstances are much like circumstances prior to now when the asset rallied over the following a number of days.
With the momentum of nonfungible tokens beginning to wane, merchants may quickly be trying to rotate into the following scorching sector and there are indicators that exercise on DeFi platforms is once more on the uptick.
As blockchain know-how will increase its presence within the mainstream monetary markets, Ren is one altcoin traders are clearly watching on account of the truth that interoperability will stay a serious focus in serving to to unify what’s at the moment a disjointed cryptocurrency ecosystem.
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