REN price up 69% in week after Catalog brought cross-chain DEX to blockchain
Decentralized finance projects like Ren have skyrocketed in 2021, but were back where they started by the end of the year. High fees on Ethereum are one of the reasons for the decline in many protocols’ activity and DeFi is being forced to give way to more popular areas such as NFT tokens.
Now, it looks like the downtrend is about to reverse after many recent global events have highlighted the benefits of DeFi and holding assets outside of the traditional financial system. This week, REN price is up 69% from a low of $0.247 on February 24 to an intraday high of $0.418 on March 3.
REN 4 hour chart | Source: TradingView
Three potential REN price reversals are the launch of the first Layer 1 application catalog, the launch of VarenX on Polygon, and several new partnerships and integrations for REN and the Ren Virtual Machine (RenVM).
The biggest recent development of the REN project was the launch of Catalog, the first application built on the Ren blockchain.
“Goodbye multi-stringed acrobatics with catalogue”, Ren tweet.
According to Ren, Catalog is a “metaverse” exchange and aims to be a secure cross-chain decentralized exchange (DEX) with built-in liquidity mechanisms, allowing users to exchange assets across multiple platforms with minimal cost.
Catalog’s liquidity mechanism will leverage both native asset pools and liquidity on third-party DEXs. As such, Ren will be able to support a wide range of projects without worrying about running out of cash.
In addition, Catalog has many other features such as zero gas fees and low transaction fees with a fixed rate, the ability to earn passive income from cryptocurrencies held in the catalog account without wagering or participation in liquidity pools, and in the future plans to add a feature to Linking bank accounts to enable easy deposits and withdrawals.
VarenX starts on Polygon
The second development driving momentum for REN is the integration of its VarenX DeFi hub into the Polygon network.
“Thanks to Varen Finance, VarenX is working on 0xPolygon with free gas! The gas-free cross-chain exchange is here, and it’s a major milestone in enhancing the multi-chain native user experience,” said Ren. tweet.
Up to this point, VarenX has only operated on the Ethereum network, so it is difficult to get a foothold.
Polygon’s low fee has enabled VarenX to offer gas-free transactions through its “FreeWei” feature, which pays users gas costs up front, allowing them to cross-chain for free.
Partnerships and Integrations
The third factor driving REN’s prospects is a series of partnerships and integrations that strengthen cross-chain relationships.
Most recently, Ren cooperate with Kava to join the Kava Pioneer program. Through this program, RenVM will be deployed to the Ethereum co-chain Kava Network on March 8th.
Other notable developments include a partnership with DappBack, renBTC integration with Vesta Finance, and REN’s listing on the Voyager exchange and app.
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According to Cointelegraph