Open source protocol from old altcoins Ren Token amid growing interest in multi-chain projects 18% It increased. In November, the protocol from Alameda After losing funding, Ren accelerated the transition from Ren 1.0 to a more efficient and secure version.
Altcoin Ren Protocol Up 18 Percent
REN, the native token of the Ren protocol, has increased by 18% in the last 24 hours.
This increase came at a time when interest in multi-chain projects was increasing.
It also seems to reflect the growing interest in the protocol, which creates cross-chain liquidity by allowing users to move digital assets from one blockchain to another.
“The multi-chain narrative is getting investors excited,” said Charles Storry, Phuture’s head of growth.
According to data from CoinGecko, the REN has increased by about 50% in the last two weeks. Storry said he expects more ‘older’ projects like this to gain momentum in the short term.
Launched as Ren’s competitor, Stacks (STX), the open-source platform that provides smart contracts and apps for Bitcoin, rose 15% on Wednesday.
In November, Alameda-funded Ren announced that it would move from Ren 1.0 to the more efficient, secure Ren 2.0 version a few weeks earlier than expected. He also said that minting through Ren 1.0 is disabled and Ren 2.0 will be distributed via the testnet.
To meet its funding needs afterwards, the Ren Foundation voted to issue 200 million tokens to finance the transition and growth of Ren 2.0.
According to the company’s blog post, the new iteration will also offer ‘RenEVM’, an “Ethereum-based plugin for Darknode that allows arbitrary programs to be placed on top of the Ren blockchain.”
*Not investment advice.
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