About REN
Ren is a decentralized finance ecosystem and protocol launched on the underlying Ethereum mainnet in January 2018. While its native cryptocurrency REN is an ERC-20 token, the Ren DeFi protocol operates on its own independent blockchain network.
According to the project’s white paper, originally published in 2017, Ren seeks to create seamless interoperability among popular decentralized networks such as Ethereum, Bitcoin and ZCash.
Ren gives Bitcoin holders access to Ethereum’s DeFi protocols, including borrowing and lending, without needing to transfer their Bitcoin assets onto the Ethereum blockchain. As REN is an ERC-20 token, it is now validated using proof-of-stake (PoS) consensus, following the Ethereum Merge.
REN facilitates connectivity between Bitcoin’s and Ethereum’s digital assets as an intermediary that maintains the value of BTC assets without the need for any transfer. The coin is also used in all independent blockchain communication through the interoperable Ren platform.
Ren accomplishes this by locking the original assets until individuals unlock them by paying a small fee to remove the assets from the platform protocol. REN price is updated and available in real-time on Binance.
