Ren is Crypto.com’s top earner, up over 34% today. In the last 24 hours, the trading volume reached $359 million and with a market cap of $652 million, the REN caught the attention of the market. So why did the Ren rise?
Why Is The Ren Price Rising?
The big news for Ren today is the release of VarenX, a new cross-chain swap dApp powered by RenVM.
Introducing VarenX: a new cross-chain swapping dApp powered by RenVM
Swap now on https://t.co/XeGiWSq6IS$VRN $REN @renprotocol pic.twitter.com/tcWkrfUhhX
— Varen (@varenfinance) December 21, 2021
Users can connect to VarenX via MetaMask and exchange their coins for various chains. The UI is similar to other DEXs like PancakeSwap and Uniswap, making it extremely easy to use.
In response to this development, the REN surged more than 33% in price today and hit an intraday high of $0.732.
At the time of writing, the REN is trading at $0.65. Its market cap is $652 million, which ranks the REN as the 119th largest cryptocurrency.
What is Rhine?
Ren has RenVM, an open protocol that provides access to cross-blockchain liquidity for all dApps. In other words, Ren allows developers to bring BTC, BCH, ZEC and more to Ethereum applications.
One of Ren’s features is RenBridge, which facilitates asset transfer between blockchains. Currently, RenBridge supports eight assets.
Ren’s main feature is that it has RenVM. RenVM solves the interoperability problem in DeFi via its virtual machine, enabling unauthorized exchange of value between blockchains.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.