How to Buy Ren (REN)

REN token is a good crypto asset in your portfolio, especially if you wish to invest in projects in DeFi and blockchain interoperability areas. The rising demand for DeFi services across blockchains could spur the need for services like RenVM, making its native token a valuable investment.

The REN token price could strengthen as RenVM expands to support more blockchain networks and crypto assets. Additionally, integrations with more DeFi protocols and bridges can increase Ren crypto’s value among investors, boosting the REN price statistics.

As the developers innovate and implement more features that make RenVM easier and more attractive to use, the price of REN crypto could climb higher in the market. This would directly result from increased on-chain activity as more DeFi traders use Ren’s services for cross-chain asset transfers.

Although we cannot offer an accurate REN token price prediction over time, we could recommend critical factors driving the most price action and volatility in $REN. These include:

Level of Adoption

Higher use of the Ren network to transfer crypto assets across blockchains could increase the value of REN crypto. This could also happen when Ren announces future integrations with more blockchain networks and projects.

Future Developments

As Ren’s developers upgrade the protocol to make it more user-friendly, cost-effective, and secure, it could pull users away from competitors and increase the activity level on its network. This could increase the demand for $REN among Darknodes and investors, increasing the appeal of holding REN tokens.

Market Outlook

A favorable outlook towards the crypto market and DeFi could also play an essential role in driving bullish moves in REN price. The price of REN crypto could increase amid a risk-on mood among global investors. However, bearish sentiment in the crypto market could cause sell-offs that weaken the REN network price.

REN, an ERC-20 token issued on Ethereum, is the native token of the Ren network and has the following use cases:

Work Token

REN is required as a bond to operate a Darknode and participate in the operations of the RenVM network. Every user wishing to run their Darknode must acquire and bond 100,000 REN tokens into an Ethereum smart contract before registering on the network.

Crypto Asset to Trade and HODL

Trade Ren against other cryptocurrencies to profit from changing market conditions and volatility. You can buy or sell REN against other crypto assets or hold it long-term if you believe in the future potential of the Ren project. Review the current price of Ren crypto, REN current market cap, current circulating supply, and 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the REN price chart before trading Ren cryptocurrency in the market.

Earn Passive Income on KuCoin

You can also grow your crypto portfolio by holding REN using the KuCoin Crypto Lending service. Head here to lend liquidity in REN to our platform and earn daily interest over seven days, 14 days, or 28 days.

RenBridge is an Ethereum-based dApp that lets users mint BTC, ZEC, and BCH as ERC-20 tokens on the network. The tokens can be minted as renBTC, renZEC, and renBCH. The RenBridge dApp can also allow users to convert these ERC-20 tokens into native BTC, ZEC, and BCH using the Ren network conveniently.

RenBridge charges fees for the minting and burning of tokens and network fees paid to miners of the respective blockchain. The network fees are dynamic and change based on the network congestion level. In addition, the dApp also charges ETH gas fees for operating on the Ethereum network.

You can run a Darknode on Ren’s decentralized network and contribute to the protocol’s operations of enabling cross-chain asset transfers. You can also earn rewards paid in the respective crypto you help transfer directly from the network’s users.

To become a Darknode, you must bond 100,000 REN tokens and lock them in an Ethereum smart contract. This amount is collateral to attest to your good behavior on the network.

Ren charges fees whenever users mint or release a digital asset from a Guest Chain or a Host Chain. The rewards generated are then equally distributed among active Darknodes during a specific period (Epoch).

Out of the max supply set at 1,000,000,000 REN tokens, the circulating supply of REN as of March 2023 is just above 999,000,000 tokens.