When compared to other financial platforms, De-Fi platforms offer a lot more functionality. It’s not always clear whether you may use your assets in defi to perform operations like yield farming. It’s the reality that most blockchains don’t link to each other, resulting in a significant communication gap. This gap can be filled, allowing the blockchains to communicate with one another. Interoperability between blockchains is referred to as blockchain interoperability. This allows you to use the money on many blockchains, including BTC and defi functionalities. REN is one such protocol that allows for blockchain interoperability.
How Does Ren (REN) Work?
The native token is converted to an Eth counterpart that may subsequently be utilized on DeFi by REN. Users can use any native token and a blockchain with smart contracting to achieve interoperability in this way. BTC, for example, can be processed and minted by REN to produce renBTC, which has the same value (ratio) as BTC and can be used on the target blockchain.
The REN coin is used to keep the ecosystem stable and operational. The cryptocurrency is used to allow Darknodes to function. The nodes are kept in the dark and don’t know what information they’re processing, thus setting up and running a node is difficult. To avoid the usage of rogue nodes, 100,000 REN tokens are necessary to run. The REN network employs a certain quantity of REN to allow the formation of DarkNodes, similar to how PoW (Proof of Work) and PoS (Proof of Stake) work to control the generation of blocks using computational power and staking.
Price Movement – Ren (REN)
The coin hit an all-time high in April, when it hit a price of about $1.84, before plummeting to a price of nearly $0.0151, losing 95 percent of its value. REN is currently trading at $0.5898, down 6 percent in the previous 24 hours, at the time of writing this article. At the start of Q4 2021, there was a good pump. Since the reversal, the price has risen dramatically and provided fantastic gains. The volume has decreased by 23.02 percent in the last 24 hours.
On the monthly time frame, we have seen an increase of about 11% this month and we can see that the coin has created a double top on the monthly time frame.
REN is listed on the coin market cap at the 136th number. It has a market dominance of about 0.03%.
