Ren Price is up over 34% today, making it the biggest gainer on Crypto.com. With a 24-hour trading volume of $299 million and a market cap of $652 million, REN has got the market’s attention. Let’s look at Ren and see why the price is rising.
What Is Ren?
Ren features the RenVM, an open protocol providing access to inter-blockchain liquidity for all dApps. In other words, Ren allows developers to bring BTC, BCH, ZEC, and more to their Ethereum apps.
One of Ren’s features is the RenBridge, making it easy to transfer assets between blockchains. Currently, RenBridge supports eight assets and destinations.
Ren’s main feature is its virtual machine, RenVM. It’s powered by a network of machines called Darknodes, which earn rewards for contributing computing power and storage space. Through its virtual machine, RenVM solves the interoperability problem in DeFi, enabling the permissionless exchange of value between blockchains.
Why Is Ren Price Rising?
Today’s big news for Ren is the launch of VarenX, a new cross-chain swapping dApp powered by RenVM.
Introducing VarenX: a new cross-chain swapping dApp powered by RenVM
— Varen | varenx.com | gashopper.io (@varenfinance) December 21, 2021
Users can connect to VarenX via MetaMask and swap their coins to various chains. The UI is similar to other DEXs like PancakeSwap and Uniswap, making it extremely easy to use.
In response to the launch, we’ve seen REN’s price increase by over 33% today, peaking at $0.732.
At the time of writing, REN is trading at $0.65, with a 24-hour trading volume of $304 million. Its market cap is $653 million ranking it as the 119th largest cryptocurrency.
You can purchase REN on Binance, Coinbase Exchange, FTX, Bithumb, Kraken, Gemini, KuCoin, Uniswap, Bittrex, Poloniex, and more.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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