Ren Just Had a Great Week as Demand for Bitcoin on DeFi Rises

Prices for ren, the token for the RenVM DeFi network, surged by more than 100% over the past week. That’s because the total amount of renBTC, a tokenized bitcoin that is locked in RenVM, broke 10,000 on Monday, according to data collected by DeFi Pulse.

The total value locked in RenVM jumped to more than $174 million on Monday from approximately $59.9 million a week earlier.
There is a growing demand for having bitcoin (BTC) on the Ethereum blockchain as it is increasingly used in decentralized finance (DeFI).
As reported by CoinDesk previously, RenVM holds a cryptocurrency and mints a representation of that crypto as an ERC-20 token (renBTC, for instance) for use on Ethereum.
Data from Dune Analytics shows more than 40,000 bitcoin have been tokenized on Ethereum. About 21.7% of that amount was minted by renBTC, making it second behind wrapped bitcoin (WBTC) in the market.
The recent popularity of tokenized bitcoin indicates a rising demand to use bitcoin in the white-hot Ethereum-based DeFi applications.
“Bitcoin is now an undeniable part of DeFi, with $420 million of BTC on Ethereum in one form or another,” Loong Wang, chief technical officer of Ren, tweeted on Aug. 15.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Muyao Shen

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.