Ren Protocol brings DeFi to BTC, BCH and ZEC
Ren Protocol brings DeFi to BTC, BCH and ZEC
Defi

Ren Protocol brings DeFi to BTC, BCH and ZEC

By Alfredo de Candia - 27 May 2020

Chevron down

Ren Protocol has launched RenVM, which transforms the assets of certain blockchains into ERC20 tokens useful for decentralized finance (DeFi).

The news is exciting: it is explained that RenVM is based on sMPC (similar to pTokens), a decentralized custodian that allows users to mint and burn assets pegged 1 to 1 on the Ethereum (ETH) blockchain as ERC20 tokens.

Interestingly, this platform, already online here, allows to mint 3 different crypto assets: Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC) via a single platform and with a quite simple procedure that is not too expensive in terms of fees (0.1%).

Moreover, these assets are ready for DeFi and can already be traded on some platforms like Uniswap and 1inch.

These are the tools developed by the Ren Protocol team:

  1. RenJS | A SDK that provides a customizable native cross-chain user experience in your App.
  2. GatewayJS | A simple JavaScript library SDK that provides a customizable native cross-chain user experience for your App.
  3. RenVM’s ERC20 | renBTC, renBCH and renZEC are ERC20s that can be added on the Ethereum-based dApp as with any other ERC20.

Mainnet contracts can be found here.

 As for the technical aspect, anyone can become a node of the Darknode network, having only a PC, some skills that can be learned online and 100 thousand REN (about 10 thousand dollars) to start earning from the fees that the system generates.

This is a big step for DeFi and the related blockchains involved that can now start using the protocol to interact with decentralized finance through RenVM.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.