Ren, a decentralized finance (DeFi) protocol and RenVM, has crossed over 10,000 BTC in transactions.
A recent tweet by Ren Protocol revealed this achievement
— Ren (@renprotocol) August 6, 2020
Earlier this year, Ren appeared as one of Moonshoot coins at around 600 sats. However, Ren has exceeded the forecast and surpassed 2,300 sats.
Ren Protocol was on the Altcoin Buzz list of moonshot DeFi projects in March 2020, when it sat at around 600 Satoshi’s. Today it is trading at $0.277933 with a 24-hour trading volume of $29,702,330. REN price is up 43.3% in the last 30 days. It also has a circulating supply of 880 Million coins and a maximum supply of 1 Billion coins.
With their focus on growing the Ren protocol, Ren pool also recently went live on Bancor.
Ren Pool and Bancor
Bancor is a cross-chain decentralized liquidity protocol that has recently deployed its version 2. Ren Protocol is supported on Bancor and the REN/BNT pool has started running.
Provide liquidity with:
⁃ 100% exposure to REN
– 20X liquidity amplification
– Impermanent loss mitigationhttps://t.co/DovBr183m3
— Ren (@renprotocol) August 7, 2020
The REN/BNT pool supports new features released in version 2 of Bancor’s decentralized liquidity protocol.
According to Bancor, the REN/BNT pool specifically provides users of the liquidity pool with exposure of their REN tokens to the whole process of their interaction with BancorV2.
The patented 20x liquidity amplification by Bancor is also available and reasonably advances the experience of ‘yield farming’.
Additionally, the impermanent loss mitigation mechanism protects users from losing their liquidity.
About Ren Protocol and Bancor
Ren Protocol was formally called the Republic Protocol, it’s known as a veteran of the decentralized financial segment.
Earlier in May, Ren released the mainnet of its RenVM decentralized financial instrument. Additionally, Ren powers renBTC, a tokenized Bitcoin-pegged asset.
On the other hand, Bancor is an on-chain liquidity protocol that facilitates the automated, decentralized exchange on Ethereum and across blockchains. The protocol is made up of a set of smart contracts created to pool liquidity. As well as, to carry out peer-to-contract trades in a single transaction with no counterparty.
Previously in July, Bancor announced Enjin as Bancor V2 launch pool. Enjin coin, ENJ holders were able to provide liquidity and earn a share of the pool’s trading fees.