The Ren Protocol is an Ethereum-based DeFi platform that aims to provide interoperability by allowing users to transfer cryptocurrencies across different blockchains.
Its goal, according to its whitepaper, is to facilitate a world of privacy-preserving applications. Ren aims to be the driving force behind a new type of trustless distributed computation. One in which all applications run in the background, maintaining the privacy of all user data.
Ren enables any type of software to operate in a decentralized, trust-free, and fault tolerant environment similar to blockchains, but with the distinct feature that all application inputs, outputs, and state remain hidden even from participants in the network.
The Ren protocol is controlled by Darknodes, a decentralized network of computers, and is served by the Ren Virtual Machine (RenVM). These machines share their computing power and storage space with the virtual machine in exchange for a fee, allowing cryptocurrencies to move at breakneck speed across blockchains.
A zero-knowledge transaction layer will allow tokens to be stored and transferred without revealing wallet balances or transaction amounts. An interoperability layer will broaden zero-knowledge transactions and enable trust-free swaps between blockchains as well as bridge tokens from one blockchain to another. A dark pool layer will provide secret order pairing engines that will only work with orders known to the owner. Users will be able to open orders without revealing the cost or quantity of their order to anyone, such as the exchange. Users can then end up settling order matches in private using zero-knowledge transactions.
RenVM functions as a completely decentralized cryptocurrency custodian because each mined RenBTC token is supported by a BTC token held in RenVM.
Ren employs an advanced encryption algorithm to enable the exchange of some virtual currencies between blockchains without using time-consuming counterparties such as wrapped tokens.
Ren encourages the transfer of other cryptocurrencies, such as doge, to the Ethereum network and the Binance Smart Chain, in addition to bitcoin. Ren also intends to add additional cryptocurrencies in order to potentially merge the entire crypto environment.
Transaction processing generates commissions for Darknode operators. These are paid in REN coins rather than the token being converted. Although this shows that the REN token is no longer useful, it also implies that more users will be encouraged to run dark nodes in order to earn commissions on more frequently traded tokens like BTC and ETH.
The native token of the Ren protocol, REN, is a cryptocurrency that adheres to the ERC-20 token standard. It is built on the Ethereum blockchain. As a guarantee of good behavior, network participants pay the token as a refundable bond.
These ERC-20 coins have the potential to be used for a variety of purposes, including borrowing, asset management, and making investments. The initial crypto assets are securely locked in the Ren application, but they can be unlocked for a fee at any time.
Who founded REN?
Taiyang Zhang, the CEO of Ren, founded the company in 2017. Ren, formerly known as the Republic Protocol, was first introduced in January 2018, with Zhang clarifying its initial use case as a “decentralized dark pool.”
Zhang has prior experience in the crypto industry, having co-founded the crypto hedge fund Virgil Capital.
In 2014, Zhang co-founded Neucode, a firm that develops software and websites. The other co-founder of Neucode, Jaz Gulati, now works as a software engineer for Ren.
REN Overview
Ren Price $0.1022
Price Change (24hrs) $0.01152 (up by 12.71%)
24hrs Low / 24hrs $0.08537 / $0.105
Trading Volume (24hrs) $28,027,993.36 (up by 109.87%)
Volume / Market Cap 0.2757
Market Dominance 0.01%
Market Rank #166
Market Cap $101,675,056.83 (11.40%)
Fully Diluted Market Cap $101,773,013.31 (11.40%)
All Time High (Feb 20, 2021) $1.83 (down by 94.54%)
All Time Low (Nov 27, 2018) $0.01548 (up 544.50%)
Ren ROI up by 7.53%
Circulating Supply 999,037,500 REN
Total Supply 999,999,633 REN
Max Supply 1,000,000,000 REN
REN price forecast
What factors will affect Ren price forecasting in the future? The remaining part of this article examines the token’s fundamentals, growth forecast, and analyst outlook.
Fundamentals
Ren is currently trading at $0.11 USD with a 24-hour trading volume of $24,336,957 USD. Ren’s price has increased by 9.98% in the last 24 hours. CoinMarketCap currently ranks #166, with a live market cap of $99,653,239 USD. It has a maximum supply of 1,000,000,000 REN coins and a circulating supply of 999,037,500 REN. The REN price fell to an all-time low of about $0.01548 in February 2019, and stayed below $0.20 from the time it was first sold in 2018 until August 2020. On February 20, 2021, it reached a new high of $1.80 per coin.
Since the previous cycle low, the maximum REN price was $0.109986. Currently, the sentiment for the Ren price is bearish.
The current circulating supply of Ren is 632 million REN, with a maximum supply of 1 billion REN. Ren is currently ranked #43 in the DeFi Coins sector and #120 in the Ethereum (ERC20) Token sector in terms of market capitalization.
Technical Like bitcoin, altcoins
Since the start of the year, cryptocurrency markets have made significant gains and reached all-time highs. Like bitcoin, altcoins have fallen in value over the last week. A market correction had been anticipated for a while. This appears to be a good chance for long-term investors to get their coins at a lower price.
Ren coin’s most recent price movement was bearish, with the coin dropping from a monthly high of $1.06 on May 7, 2021 to $0.76 on May 18, 2018. Currently, it is trading for $0.11, falling 94.54% from its ATH value attained last February. In the last month, the price of Ren in the US dollar has dropped by 29.82 percent. In the previous month, REN has gained 36.36 percent against Ethereum and 7.81 percent against Bitcoin. Ren had its best year in 2020, when its price climbed by 937.22 percent, from $0.031011 to $0.321650. Ren had its worst year in 2018, when the price fell by 76.30 percent from $ 0.086584 to $ 0.020521. Ren has grown at a rate of 244.06% per year on average during the last five years. Ren’s greatest quarter was in Q2, with an average gain of 95.69 percent, and his lowest quarter was in Q4, with a loss of -17.80 percent.
Is there a chance that this price drop may lead to some lucrative trading opportunities?
Because markets are extremely volatile, you should carefully examine the project’s fundamental value and analyst assessments before trading REN.
Cryptocurrencies have entered a bear market as a result of a recent drop in Bitcoin’s price. However, history almost always repeats itself, and the bull market could resume at a considerably faster rate after the bear cycle is over.
REN Price Prediction
REN Price Prediction for 2022
2022 has seen Ren go on a steep decline. However, experts are currently predicting a bearish run for the token in the near future.
By the end of 2022, the REN price may be over a set value of $0.15. its average value may be $0.18.
REN Price Prediction for 2023
The REN price is projected to cross $0.2 by the start of 2023, according to our REN price projection. The maximum for 2023 is predicted to be $0.25, while the minimum is expected to be $0.21. By the end of 2023, the average REN price is expected to be $0.23.
REN Price Prediction for 2025
By the end of 2025, as REN’s popularity grows dramatically, investors can expect a turnaround, and REN will no longer be a newcomer to the cryptocurrency world but an established token which will have a value of $0.5.
REN Price Prediction for 2030
2030 might usher in a new period of optimism and expectation, brimming with hopefulness in the world of REN and other cryptocurrencies. Cryptocurrency investors are advised to always consider the long term rather than the short term when making investment decisions. The REN price could hit $1.2 by the end of 2030.
Frequently Asked Questions (FAQs)
What is the current price of the REN token?
At the time of writing, the price of the REN token is $0.11.
What will the REN token be worth by the end of 2022?
By the end of 2022, the value of REN should have risen steadily to $0.23.
What will the REN token be worth by 2025?
A turnaround is expected in the popularity of REN. This has the potential to drive its price higher to $0.5.
Where can I buy REN tokens?
Ren (REN) cryptocurrency can be purchased using a credit card, debit card, or Bitcoin on the following exchanges.
Examples of these exchanges are Binance, Kucoin, Uphold, Coinbase, Huobi Global, eToro, etc. CoinMarketCap also has a detailed list of exchanges where buyers can easily purchase Ren tokens.
After purchase, Ren can be stored in any wallet that can hold Ethereum. This is so because it is an ERC-20 token. Some examples of these wallets are My Ether Wallet, Trust Wallet, Exodus Wallet, etc.