Decentralized finance projects such as Ren pumped in 2021. However, they finished the year exactly where they started. High fees on Ethereum (ETH), which led to decreased activity for many protocols, meant that DeFi had to take a back seat to more popular sectors such as nonfungible tokens.
It appears that the downtrend is on the verge of reverse after recent global events have highlighted the benefits DeFi and holding assets beyond the traditional financial system. The REN price rose 69% this week, from $0.247 on February 24 to $0.418 on March 3, a daily low.
REN/USDT 4-hour chart. Source: TradingView
The potential price reversal of REN is due to three factors: the launch of its first Layer-One Application Catalog, VarenX on Polygon, and several new partnerships and integrations with REN and Ren Virtual Machine (RenVM).
Catalog, the first application to be built on the Ren blockchain, was the most significant development in the REN project’s recent history.
Say goodbye to multi-chain acrobatics with Catalog Learn more about what @catalogfi and partners are bringing to the multi-chain ecosystem herehttps://t.co/bRqCyyCsis Join the waitlist for early access and morehttps://t.co/hb4KyRhA8r
— Ren (@renprotocol), February 26, 2022
According to Ren, Catalog is a “Metaversal”, or cross-chain decentralized exchange (DEX), that allows users to swap assets across networks at minimal cost.
Catalog’s liquidity mechanism will tap into both native asset pools and liquidity across third party DEXes. This will allow Ren to support a broad range of projects without worrying too much about liquidity constraints.
Catalog also offers zero fees for gas and low flat-rate trading fees. This allows you to make passive income from crypto stored in your account. You don’t need to participate in liquidity pools or stake in them. Future plans include the possibility to connect a bank account to allow easy withdrawals and deposits.
VarenX launches on Polygon
The integration of VarenX DeFi’s VarenX hub onto the Polygon network was another development that accelerated REN’s momentum.
VarenX is now live on @0xPolygon. Thanks to @varenfinance, you get free GAS! Cross-chain gasless swaps are now available and this is a significant milestone in improving the native multichain user experience. Learn more below https://t.co/XMyTh0bB5Y
— Ren (@renprotocol), February 25, 2022
VarenX has been limited to the Ethereum network. This makes it difficult for VarenX gain traction.
VarenX has been able to offer gasless transactions because of the low fees associated with Polygon. Its “FreeWei” feature fronts gas costs for users and allows them to cross-chain without any charges.
Related: REN price at Risk of 50% Drop after a Bearish Trading Pattern Shows Up
Integrations and partnerships
Ren’s outlook has also been improved by a number of partnerships and integrations, which have strengthened its cross-chain ties.
Ren has teamed up with Kava recently to join the Kava Pioneer Program. This will see RenVM deployed on Kava Network Ethereum on March 8.
We are proud to announce the arrival of a new Kava Pioneer Welcome @Renprotocol! We are excited to see RenVM deploy on the KavaNet Ethereum Co-Chain March 8th! Submissions are still welcome for the Pioneer Program, which has a 100K $KAVA pool available for grabs! https://t.co/h3v6URIPmF pic.twitter.com/syTE6bHAHW
— March 3, 2022, Kava Network (@kava_platform).
Notable developments include a partnership between DappBack and Vesta Finance, a renBTC Integration with Vesta Finance, and the listing and exchange of REN on Voyager.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on REN on February 25, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green) vs. the REN price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for REN climbed to the green zone on February 25, and hit a peak of 81 just 56 hours later, before the price rose 35.8% in the following three days.
com. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.