The digital currency REN soared by 40% after announcing the launch of the main network
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Answer The digital currency REN soared by 40% after announcing the launch of the main network
The digital currency REN drew attention after its value increased by 40%, and the currency represents an open source protocol project that enables the transfer of value without permission or permission from any party and the transfer process takes place between any blockchain.
In the past few weeks, REN announced the launch of its mainnet and the operability of dApps on its mainnet.
Main network launch:
announced REN announced the launch of the “RenVM Mainnet” in late May, confirming that it is the beginning of a new era for its network to receive decentralized applications and DeFi applications, as the update by the project developers brings interoperability to the decentralized financial landscape.
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The new “RenVM” network acts as a decentralized wallet based on the “sMPC” protocol that withdraws and burns cryptocurrencies at a ratio of 1:1 on the Ethereum network for ERC-20 tokens.
According to the REN announcement:
Anyone can now use Bitcoin, Bitcoin Cash and ZAD Cash in their favorite DeFi app.
This allows trading, lending and utilizing these assets just like any other ERC-20 token.
Initially, the mainnet will work with a few DeFi platforms but plans to include more in the future.
Mr. Tiang Zhang, CEO of Ren, commented:
With the official release of RenVM, we welcome a new era in DeFi interoperability, and a big thank you to all of our community, investors, and supporters over the years, we wouldn’t have been able to do this without you.
Just yesterday, Project Ren released a basic dApp that provides another way for regular users to earn WBTC with real BTC called WBTC.Cafe.
Ren’s announcement statement describes the new app as a collaborative effort of three DeFi projects; RenVM, Curve Finance, and WBTC, to support a “greater benefit to all DeFi”.
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REN coin price interaction:
Recent developments by the company behind the REN coin have affected its price.
At the release of the mainnet, the REN coin fluctuated somewhat violently, reaching a high of almost $0.11 before dropping to $0.085.
Now, the coin price climbed to the $0.12 level, which is a 40% increase since then.
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