The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner

Share this article

A week after its competitor tBTC faltered, Ren Protocol’s much-awaited mainnet on Ethereum is finally live. The protocol brings Bitcoin and other cryptocurrencies to Ethereum in a non-custodial manner.
Ren Protocol’s Much Awaited Launch
DeFi’s primary obstacle has been its inability to interact with other public blockchain assets. With the launch of RenVM (Ren Virtual Machine), this is all set to change.

Focused on cross-chain interoperability, Ren Protocol allows users to tokenize Bitcoin, Bitcoin Cash, or Zcash on Ethereum. If Ren functions as expected, DeFi could soon see non-custodial, tokenized versions of mainstream cryptocurrencies used as collateral on Ethereum’s DeFi stack.
Now that Ren’s mainnet is live, anybody with 100,000 REN ($10,620), a CPU, and technical knowledge can run a node on the network and earn rewards by keeping deposited assets – like BTC and BCH – free from theft.

Ren Protocol’s mainnet has been launched along with integrations on Uniswap and 1inch Exchange. Users can swap ETH or an ERC-20 asset for RenBTC on either of the two. The protocol’s native RenBridge gives users another option: directly swap BTC for RenBTC.
Source: RenBridgeRen Protocol’s launch could be a catalyst for DeFi to cast a wider net, rather than being an Ethereum specific niche. Interoperability has long been touted as a necessity to advance harmony between the various public blockchains.
While the launch of RenVM doesn’t solve all the inherent problems, it marks the beginning of more far-reaching solutions. 

The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.

Leave a Reply

Your email address will not be published. Required fields are marked *