Ren recently announced that its development team will be working with Alameda.
According to reports, the teams of Ren and Alameda will leverage on their collective expertise, experience, and communities to add more value to the blockchain industry.
Support for Solana in RenVM
The Ren development team will focus on support for Solano in RenVM as a result of their integration with Alameda. This support, which will also take place in Ren’s Multichain libraries, is currently under audit. Hopefully, the bridging of assets from/to Solana will begin in the second quarter of 2021. By doing this, Serum and the Solana ecosystem will also be greatly impacted.
By integrating into Serum and providing support for Solana, more users and volume will be added to RenVM. This means RenVM will indeed prove itself as the most used interoperability network. RenVM will also get more benefits, such as new users, new and diverse assets, and increased fee revenue for its node operators.
Improving the Decentralization Process in RenVM
Apart from providing support for Solana, the partnership between Ren and Alameda will continue to develop one of the top priorities for RenVM: improving its decentralization process. This new partnership will enable Alameda to assist in accelerating the decentralization of RenVM.
The decentralization of RenVM can be improved through participation in Greycore (currently a single group of nodes that is responsible for consensus and execution that will be expanded in later phases) in both the testnet and mainnet processes. By offering assistance with other critical infrastructure, RenVM can also move to its next decentralization phase. By the second quarter of 2021, the next step will also be taken towards phase zero. During phase zero, consensus and execution will be handled by Greycore.
Improving the Blockchain Space
In a broader sense, the partnership between Ren and Alameda will greatly impact the blockchain space, Solana in particular. By enabling the movement of ETH and ERC20s between chains, SOL, SRM, and other Solana-native assets will also have the ability to move between chains. This process will improve the decentralization depth of Solana and will bring more utility and liquidity to its assets and applications.
There has been a rapid growth in the Ren development teams, and even more new members will reportedly be added soon. Joining the Alameda team is expected to be a chance for Ren to partner with an experienced team with demonstrated skills in finance, technology, governance, community growth, and operations. The Ren team is also planning an AMA session to enable people to ask questions in the coming weeks.
Recently, a new portal was launched for the RenVM ecosystem with the aim of expanding educational materials and information for the decentralized cross-chain transfer protocol.
As of the time of publication, REN price was $0.900611 with a 24-hour trading volume of $296,768,582. REN price also went up by 1.1% over the last 24 hours. Besides, it has a circulating supply of 881 million REN coins and a max supply of 1 billion. Coinbase Pro is also the current most active market trading REN.
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