RenVM Ecosystem Expanded With CryptoBridge Portal


RenVM Ecosystem Expanded With CryptoBridge Portal

A new portal has been launched for the RenVM ecosystem with the aim of expanding educational materials and information for the decentralized cross-chain transfer protocol.

Announced on January 11, CryptoBridge will include information videos, presentations, and materials to foster the expansion of the ecosystem.

So What Is RenVM?

In simple terms, RenVM, released in May 2020, is a network of virtual computers that powers interoperability for decentralized applications, enabling cross-chain lending, exchanging, and collateralization of digital assets. The machines are called Darknodes, which earn rewards for contributing computing resources and storage space.

The goal of the network is to enable the permissionless exchange of value between blockchains and bringing interoperability to the DeFi space. Tokens can be minted and wrapped using its RenBridge platform.

Its best-known product is renBTC, an ERC-20 token built on the Ethereum network and pegged to Bitcoin. According to btconethereum.com, there are currently 13,300 BTC tokenized via the protocol, worth an estimated $476 million at today’s prices. This represents 9% of the total of all wrapped Bitcoin.

The protocol has just recorded a milestone of $2 billion in volume processed over the past seven months.

In a 2020 review report, it added that this volume had locked over $375 million in cross-chain assets, bonded over $50 million REN tokens by 1,500 nodes, and paid almost $2 million in fees to these nodes. It added;

“The cross-chain assets moved between chains by RenVM have also seen wide adoption into different DeFi applications, including Curve, KeeperDAO, MyEtherWallet, and the DeFi Bridge.”

In the first quarter of 2021, the Ren development team plans to roll out its RenVM Sub-Zero 0.3.0-alpha version upgrade to its testnet. A group of node operators known within the Ren community as the “Greycore” will ultimately operate the network once it goes live to mainnet.

The next phase in the Ren roadmap is “Zero,” which is the maturity phase for RenVM when it will become fully decentralized.

REN Price Update

The REN token is up 7.9% on the day, trading at $0.364 at the time of writing. It peaked in early September 2020 during the DeFi boom when it reached just below $0.60.

Over the past seven days, REN has made 18% and over the past thirty days, around 37%. Since the same time last year, the token has made a whopping 750%, and it could well go higher as the project evolves and DeFi continues to grow.

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