Ren, a decentralized financial protocol (DeFi) with the support of Polychain Capital and FBG Capital, launched its flagship product ‘RenVM’ on May 27th.
RenVM allows users to create Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC) in the form of ERC-20 for use in the Ethereum ecosystem.
“The successful start of the main network of RenVM is a crucial step in our long-term mission to create a decentralized platform for DeFi that is self-sufficient and advances the industry as a wholesaid Taiyang Zhang, co-founder and CEO of Ren.
“”Generic interoperability has been a thorn in the side of DeFi, and we are pleased that RenVM is now solving this problem. by providing cross-chain liquidity to crypto investors everywhere, ”added Zhang.
Ren also plans to introduce tokenized crypto representations for other major blockchain networks, including Libra and Celo, in the future.
Ren’s Alliance to support RenVM
RenVM tokens are supported by members of the newly founded Ren Alliance, a consortium of more than 50 companies working to secure, develop and use the protocol.
The alliance includes many of DeFi’s key projects. These include Kyber Network, Aave and Matic as well as the crypto investment companies Polychain Capital and Synapse Capital as well as the crypto exchange Idex.
“”RenVM is an elegant solution to solve generic interoperability. We are excited to ensure the security of RenVM by acting as a dark node in its semi-central core, “said Polychain Sherwin Dowlat.
DeFi still has “plenty of room to grow”
Zhang explained this to Cointelegraph Ren will be spending the next few months ensuring that RenVM works properly.
“As the fight matures and is tested, we will provide more tiers and give more people the opportunity to actually interact with the system,” he said. Zhang added that Additional members of the alliance will soon join MVR support.
On the topic of the DeFi ecosystem Zhang noted that the sector is “very young and there is still plenty of room for growth“Highlight the increased liquidity that Bitcoin opens for Ethereum-based DeFi protocols.
Do not stop reading: