The cryptocurrency sector has become a hot topic on the global stage in 2021 thanks to the increase in decentralized financing and non-exchangeable tokens, which have caught the attention of the public.

There is a need for network interoperability throughout the sector, as many of the most popular projects are on isolated blockchain networks, and Ethereum’s high fees prevent developers and investors from interacting between chains.

One of the projects aimed at solving this project is Ren, which revealed on March 31 that Solana and Phantom were the last codes supported by the interoperability-oriented protocol.

These additions represent the third new token supported by the protocol during the last week, coinciding with a 40% increase in the REN price when community members discover renewed interest in the Ren ecosystem in the new supported tokens.

As more NFT and DeFi projects continue to emerge in separate blockchain networks, the demand for projects like Ren is likely to increase as the cryptocurrency ecosystem as a whole seeks ways to increase its engagement.

REN rises in price as the ecosystem expands
2021 was a warm start for Ren, thanks to the explosive growth of decentralized financing and the protocol’s ability to deliver tokens from other blockchains to the Ethereum (ETH) network, where the most active decentralized applications are located.

The real Momentum for Ren began to develop on January 26 after the announcement of the opportunity to collaborate with Dogecoin (DOGE) on the Ethereum network via the renDOGE bridge.

The announcement of the partnership with Alameda Research on February 2, followed by the protocol integration with Binance Smart Chain on February 18, helped Ren climb to a full-time high of $ 1.84 on February 19 ahead of the general market correction that began on February 20. $ 1.

Since the downturn, Ren has continued to expand the ecosystem by integrating with DeFi protocols such as 1 “(1”), PancakeSwap (CAKE) and BadgerDAO (BADGER), as well as adding new assets to chains, including Digibyte (DGB) Terra (LUNA) . ), Solana (SOL) and Phantom (FTM).

The partnership, formed with Polkadot (DOT) in June 2020, has also recently paid off for Ren, as DeFi projects such as Acala Network are preparing for launch on the Polkadot network following the conclusion of upcoming skydiving auctions.

According to the latest ecosystem update, RenVM exceeded a total of $ 3 billion at the end of February and has paid contract holders over $ 5,500,000 since its inception. The team also released an update for Ren Bridge 2, which is now completely open source and available on GitHub.

Signs of bullish basics
Combined with recent integrations with multiple DeFi platforms and the addition of Solana, Fantom and Luna to the Ren ecosystem, the result of VORTECS ™, an algorithm consisting of current and historical market sentiment, volume, recent price movement and Twitter activity, rose to 78 last week improved the basics of the project.

As shown in the chart above, the VORTECS end result changed to green on March 26 and has remained in that area most of the time since then. A previous Markets Pro system test showed that higher VORTECS ™ points indicate that the current market conditions are the same as before when the asset increased in the next few days.

With the number of non-mushroom tokens starting to disappear, traders may soon move into the next hot sector, and there are signs that activity on DeFi platforms is increasing again.

As blockchain technology increases its presence in major financial markets, Ren becomes one of the investors to keep an eye on it, given that interoperability will continue to be the main focus for standardizing what is currently a dismantled cryptocurrency ecosystem.

Source: CoinTelegraph