REN price gains 65% after catalog launch brought a DEX to its network

Decentralized finance projects like Ren had their moment in 2021, only to end the year right where they started, as high Ethereum (ETH) transaction fees led to a drop in activity across many protocols and DeFi versus more popular sectors like Non in fungible tokens (NFTs) took a back seat.

Now, it looks like this downtrend is about to reverse after recent world events 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/USDT 4 hour chart. Source: TradingView

Three reasons for REN’s potential price rally are the release of its first Layer 1 application, Catalog, the release of VarenX on Polygon, and several new partnerships and integrations for REN and the Ren Virtual Machine (RenVM).

catalog launch

REN price gains 65% after catalog launch brought a DEX to its network
REN price gains 65% after catalog launch brought a DEX to its network

The biggest recent development to come out of the REN project was the release of Catalog, the first application built on top of the Ren blockchain.

A “metaversal” exchange, according to Ren, Catalog aims to be a secure, cross-chain, decentralized exchange with built-in liquidity mechanisms that allow users to trade assets between popular networks at minimal cost.

The liquidity mechanism for Catalog will leverage native asset pools as well as liquidity via third-party DEXs, meaning Ren will be able to support a wide range of projects without worrying about liquidity shortages.

Other features of the catalog include the lack of gas fees and low fixed trading fees, the ability to earn passive income from cryptocurrencies held in a catalog account without participating or having to participate in liquidity pools, and future plans to add the ability to link Bank account to facilitate deposits and withdrawals.

VarenX starts on Polygon

A second development that fueled REN’s momentum was the integration of its DeFi hub VarenX into the Polygon network.

So far, VarenX has only operated on the Ethereum network, making it difficult to gain relevance.

Polygon’s low-fee ecosystem has allowed VarenX to offer free transactions through its “FreeWei” feature, which takes on gas costs for users and allows them to make cross-chain transactions for free.

Associations and Integrations

A third factor that helped improve Ren’s prospects was a series of partnerships and integrations that helped strengthen cross-chain relationships.

Ren recently partnered with Kava to join the Kava Pioneer program, which will deploy the RenVM on the Kava network’s Ethereum co-chain on March 8th.

Other notable developments include a partnership with DappBack, a renBTC integration with Vesta Finance, and REN trading via the Voyager app and exchange.

Cointelegraph Markets Pro VORTECS™ data began spotting a bullish outlook for REN on Feb. 25, ahead of the recent price rally.

Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements, and online activity.

VORTECS™ Score (green) vs. REN price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for REN turned green on February 25th, peaking at 81 for around 56 hours before the price surged 35.8% over the following three days.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.

Investing in crypto assets is not regulated. They may not be suitable for retail investors and you may lose the entire amount invested. The services or products offered are not intended for and are not accessible to investors in Spain.

Similar Posts