Reasons Behind Ren’s 65% Surge In Price: Catalog Launch And Much More
DeFi projects such as Ren have circled back to where they have started due to the decreased activities for many protocols because of the high fees on Ethereum. In addition, digital assets such as NFTs have overshadowed DeFi.
However, the recent events seem the trend is reversing now; the current events have pointed out the DeFi benefits and holding assets outside the traditional finance system.
In this week, the price of REN rose to a daily high of $0.418 on March 3, a 69% spike from a February low of $0.247.
The launch of Catalog, layer-one application, various new partnerships, and integrations for REN and the Ren Virtual Machine (RenVM) are the three reasons behind the potential price reversal in REN.
Launch Of Catalog: First Application On Ren Blockchain
The launch of Catalog, the first application built on the Ren blockchain, is one of the most significant developments of the REN project.
Say goodbye to multi-chain acrobatics with Catalog🤸♂️
Learn more about what @catalogfi and partners are bringing to the multi-chain ecosystem here👇https://t.co/bRqCyyCsis
Join the waitlist for early access and more📜https://t.co/hb4KyRhA8r
— Ren (@renprotocol) February 26, 2022
According to Ren, Catalog is a “Metaversal” exchange built to secure cross-chain decentralized exchange (DEX). The DEX has built-in liquidity mechanisms that enable users to swap assets over popular networks at an inexpensive cost.
Catalog’sCatalog’s liquidity mechanism will explore native asset pools and liquidity across third-party DEXs. This will allow REN to support a range of projects without having to worry about liquidity constraints.
VarenX’s Integration With Polygon Network
VarenX DeFi hub’s integration of REN on the Polygon Network is the second factor responsible for the momentum boost for REN.
VarenX is live on @0xPolygon with free GAS thanks to @varenfinance!
Gasless cross-chain swaps are here and it’s a big milestone for improving the native multi-chain user experience.
Learn more below 👇 https://t.co/XMyTh0bB5Y
— Ren (@renprotocol) February 25, 2022
Up until now, it was difficult for VarenX to gain traction since it only operated on the Ethereum network.
Due to the Polygon network’s low fees, VarenX uses its “FreeWei” feature, now providing gasless transactions. The feature covers the gas costs for users, providing them a free cross-chain experience.
ALSO READ: Bitcoin network would witness an enhanced transaction privacy
Series Of Other Partnerships And Integrations
A series of partnerships and integrations on Ren’sRen’s part constitutes the third factor behind its rise. These collaborations have helped it strengthen its cross-chain ties.
Quite Recently, Ren Collaborated on the Kava Pioneer program with Kava. On March 8, RenVM will be deployed on the Kava Network Ethereum co-chain.
📢 Announcing a new Kava Pioneer!
🎉 Welcome @Renprotocol! 🎉
Excited to have RenVM deploying on the Kava Network Ethereum Co-Chain on March 8th!
The Pioneer Program is still open for submissions with a 100K $KAVA pool up for grabs! 💰 https://t.co/h3v6URIPmF pic.twitter.com/syTE6bHAHW
— Kava Network (@kava_platform) March 3, 2022
The listing of REN on the Voyager app and exchange, a renBTC integration with Vesta Finance, and partnership with DappBack are among its notable developments.