After the introduction of Catalog and a transition to the Polygon blockchain, REN stands out among a sea of red cryptocurrencies with a 65 percent increase.
High fees on Ethereum (ETH) led to decreased activity for many protocols, and DeFi took a backseat to more popular sectors like nonfungible tokens, as decentralized finance projects like Ren pumped in 2021, only to finish the year right back where they started as high fees on Ethereum (ETH) led to decreased activity for many protocols and DeFi took a backseat to more popular sectors like nonfungible tokens (NFTs).
After recent global events highlighted the benefits of DeFi and storing assets outside of the traditional financial system, it looks like the decline is about to reverse. The price of REN has risen 69 percent this week, from a low of $0.247 on February 24 to a daily high of $0.418 on March 3.
The introduction of its first layer-one application Catalog, the debut of VarenX on Polygon, and various new collaborations and integrations for REN and the Ren Virtual Machine are three reasons for the probable price reversal in REN (RenVM).
The catalogue is released.
The release of Catalog, the first application developed on the Ren blockchain, was the most recent major development in the REN project.
Say goodbye to multi-chain acrobatics with Catalog🤸♂️
Learn more about what @catalogfi and partners are bringing to the multi-chain ecosystem here👇https://t.co/bRqCyyCsis
Join the waitlist for early access and more📜https://t.co/hb4KyRhA8r
— Ren (@renprotocol) February 26, 2022
According to Ren, Catalog is a “Metaversal” exchange that is supposed to be a safe cross-chain decentralized exchange (DEX) with built-in liquidity mechanisms that allow users to trade assets across popular networks for a cheap fee.
Ren will be able to support a wide range of projects without worrying about liquidity limits because the Catalog liquidity mechanism will tap into native asset pools as well as liquidity across third-party DEXes.
Other advantages of Catalog include no gas fees and minimal, flat-rate trading fees, the potential to make passive income on crypto maintained in a Catalog account without having to stake or participate in liquidity pools, and plans to link a bank account for quick deposits and withdrawals in the future.
VarenX is now available on Polygon.
The integration of REN’s VarenX DeFi hub on the Polygon network was a second milestone that boosted the company’s momentum.
VarenX is live on @0xPolygon with free GAS thanks to @varenfinance!
Gasless cross-chain swaps are here and it's a big milestone for improving the native multi-chain user experience.
Learn more below 👇 https://t.co/XMyTh0bB5Y
— Ren (@renprotocol) February 25, 2022
VarenX has only functioned on the Ethereum network so far, making it difficult for the company to acquire traction.
VarenX’s “FreeWei” feature, which fronts the gas costs for users and allows them to execute cross-chain transactions for free, has enabled it to offer gasless transactions due to Polygon’s low fee nature.
Collaborations and integrations
Ren’s perspective has also been boosted by a succession of partnerships and integrations that have helped to deepen its cross-chain relationships.
Ren recently collaborated with Kava to become a Kava Pioneer, and the RenVM will be deployed on the Kava Network Ethereum co-chain on March 8.
📢 Announcing a new Kava Pioneer!
🎉 Welcome @Renprotocol! 🎉
Excited to have RenVM deploying on the Kava Network Ethereum Co-Chain on March 8th!
The Pioneer Program is still open for submissions with a 100K $KAVA pool up for grabs! 💰 https://t.co/h3v6URIPmF pic.twitter.com/syTE6bHAHW
— Kava Network (@kava_platform) March 3, 2022
A cooperation with DappBack, a renBTC interface with Vesta Finance, and the listing of REN on the Voyager app and exchange are all noteworthy advancements.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.