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REN

REN

REN
#863
$0.003723Up 5.59 percent($0.00)

Key Stats

Market Cap$3.72MUp 5.59 percent
Volume (24h)$22.83K
Fully Diluted Value$3.72M
Vol/Mkt Cap (24h)0.61%
Total Supply1000.00M REN
Max Supply∞
Circulating Supply1000.00M REN
Launch Date2017-12-31
Built OnETH
Token StandardERC20
Smart Contract Address0x408e…2a38
Decimal Places18

REN Information

Websites
renproject.ioWhitepaper
Industries
Cross-Chain Infrastructure

REN Price Converter

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Latest REN News

View all
Kava Deploys Ethereum Developer Support on Testnet
Positive

Kava Deploys Ethereum Developer Support on Testnet

Neutral

Interoperability Project Ren 'Joining' Alameda Research

Positive

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

Positive

Trio of Bitcoin Tokens Lures DeFi Yield Farmers to New Pastures

REN Markets

View all
InstrumentExchangeBenchmark DataPrice24h Change
RENUSDT logo
REN-USDT
REN_USDT
gateio logogateio
A
0.003587USDT
1.30%
RENUSD logo
REN-USD
RENUSD
kraken logokraken
AA
0.003740USD
5.95%
RENEUR logo
REN-EUR
RENEUR
kraken logokraken
AA
0.002910EUR
0.00%
RENIDR logo
REN-IDR
renidr
indodax logoindodax
E
60.00IDR
0.00%
RENINR logo
REN-INR
RENINR
coindcx logocoindcx
-
0.3432INR
-3.73%

REN Supported Platforms

View all
Trading AsToken StandardBuilt OnSmart Contract AddressLaunch Date
RENERC20ETH0x408e41876cCCDC0F92210600ef50372656052a382017-12-31
RRENERC20AURORA0x18921F1E257038E538bA24D49fa6495c8b1617bC2021-07-09
RRENERC20NEAR408e41876cccdc0f92210600ef50372656052a38.factory.bridge.near2021-07-09
HPRENHRC20HT0x212208bcc81f3a2d0188aff76a2d39351eb53b962021-02-26
OBRENERC20XDAI0x0da1a02cdf84c44021671d183d616925164e08aa2020-10-04

About REN

Ren (REN) represents a significant advancement in the blockchain space, providing a decentralized platform for the secure and private transfer of assets across different blockchains. This not only facilitates greater liquidity within the DeFi ecosystem but also addresses the longstanding issue of blockchain interoperability. With its innovative approach and practical applications, Ren is poised to play a crucial role in the evolution of decentralized finance.

Frequently Asked Questions

  1. Shutdown Warning: Ren Protocol is facing imminent shutdown, putting all existing assets at significant risk. Stakeholders are advised to bridge their Ren assets back to their native chains immediately.
  2. Asset Transfer to FTX: All of Ren Protocol’s pegged assets, including Bitcoin, Ether, and Dogecoin, have been directed for transfer to FTX Trading Ltd. and associated entities ("FTX Debtors").
  3. Asset Segregation: The transferred assets are in segregated cold storage wallets, separate from FTX Debtor wallets, ensuring their security.
  4. Ren 2.0 Uncertainties: There is no guaranteed compatibility between the current Ren 1.0 and any future version, such as Ren 2.0. There have been no public updates about Ren 2.0's development since January 2023.
  5. Financial Precariousness: It has been revealed in a recent community call that Ren Protocol has just $160,000 in funding left, which is only sufficient until the end of the year.

  • Past Funding and Acquisition: After being acquired by Alameda Research in February 2022, Ren Protocol had been operating on quarterly funding of $700,000 from Alameda. These funds ran dry, primarily due to FTX’s bankruptcy.
  • Community Governance and Future Funding: Holders of the native Ren crypto, REN, are voting on a proposal to mint 200 million tokens to raise $14.6 million to cover ongoing operations.
  • Token Devaluation: The REN token has plummeted by over 86% year-to-date, with most losses accruing since FTX's financial downfall.
  • Declining Locked Value: The total value of crypto locked in RenVM has dropped significantly, from $1.15 billion in January to its current value of $36 million.

  • DeFi liquidity pools supporting Ren assets, such as Curve, may be adversely affected.
  • Questions have been raised about the centralization and trustworthiness of RenVM, as highlighted by competitors like Thorchain.

For more case-related information, please refer to the chapter 11 case dockets and visit FTX Debtors Case Information.

In light of recent developments, it is urgent to update the Ren community regarding the transfer and management of Ren Protocol's cryptocurrency assets, as well as its long-term governance and future.

  1. Full Asset Transfer to FTX: FTX Trading Ltd. and associated entities (the "FTX Debtors") will gain control over all of Ren Protocol's pegged assets, including Bitcoin, Ether, and Dogecoin.
  2. Preemptive Safeguarding: This transfer is initiated "in advance of possible shutdowns of infrastructure and systems," as a security measure directed by FTX.
  3. Segregated Wallets: All transferred assets will be held in unique, segregated cold storage wallets distinct from other FTX Debtor wallets.
  4. Past Acquisitions and Funding: Alameda Research, a sister company to FTX, had previously acquired Ren Protocol to provide long-term funding. The service's shutdown had been indicated in advance.
  5. Market Impact: REN token prices have fallen significantly, mainly due to the announcement of this transition.
  6. Uncertain Future for Ren 2.0: As of January 2023, there have been no further public updates regarding the development or funding of "Ren 2.0."

Ren (REN) is an open protocol designed to enhance interoperability and liquidity between different blockchain platforms. Initially launched as Republic Protocol, it was rebranded to Ren to reflect its broadened scope beyond just being a decentralized dark pool for trading. The project's main feature, the RenVM (Ren Virtual Machine), was launched in May 2020 following a successful initial coin offering (ICO) in 2018 which raised $34 million. The protocol's native token, REN, is utilized as a bond by those operating nodes within the network, known as Darknodes, which are crucial for the functioning of RenVM. Ren aims to facilitate the seamless movement of digital assets across disparate blockchain networks, thereby enhancing the accessibility and efficiency of decentralized finance (DeFi) applications​​​​.

Ren allows for the decentralized, trustless, and swift transfer of cryptocurrencies and other supported assets between different blockchains. By using the RenVM, users can conduct cross-chain exchanges without the need for middlemen or wrapped versions of tokens, which is common with other interoperability solutions. This process is made possible through a network of Darknodes that provide the computing power necessary to process these transactions. The REN token has two main uses within the ecosystem: paying for transactions on the RenVM and serving as a bond for the operation of a Darknode. This system aims to provide a more private and efficient mechanism for moving assets across blockchain platforms, particularly benefiting OTC trading and enhancing the interoperability within the DeFi sector​​.

Ren was founded by Taiyang Zhang and Loong Wang in 2017. The duo were classmates at the Australian National University and later collaborated at a startup before founding Ren. Zhang, who also co-founded the cryptocurrency hedge fund Virgil Capital, identified the need for a decentralized solution to over-the-counter (OTC) cryptocurrency trading and a protocol to enable interoperability between different blockchain networks. This led to the creation of Republic Protocol, which was later rebranded as Ren. The project aims to address the challenges of privacy and interoperability in cryptocurrency trading and blockchain technology​​.