Ren price rallies 40% after adding LUNA, SOL and FTM to its ecosystem

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The cryptocurrency sector has emerged as a scorching matter on the worldwide stage in 2021 thanks largely to the expansion of decentralized finance and non-fungible tokens which have caught most of the people’s consideration. 

All through the sector there’s a want for interoperability between networks as lots of the hottest tasks are on siloed blockchain networks and excessive Ethereum charges forestall builders and buyers from interacting throughout chains.

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One venture targeted on fixing this venture is Ren, which revealed on March 31 that Solana and Fantom had turn into the newest tokens supported by the interoperability-focused protocol.

These additions mark the third new token supported by the protocol over the previous week, which has coincided with a 40% rally within the worth of REN as neighborhood members from the newly supported tokens uncover a newfound curiosity within the Ren ecosystem.

REN/USDT 4-hour chart. Supply: TradingView

As extra NFT and DeFi tasks proceed to emerge on separate blockchain networks, the necessity for tasks like Ren is more likely to improve because the cryptocurrency ecosystem as an entire seems to be for tactics to extend its interconnectedness. 

REN worth soars as its ecosystem expands

2021 acquired off to a scorching begin for Ren because of the explosion in progress of decentralized finance and the protocol’s capacity to carry tokens from different blockchains onto the Ethereum (ETH) community the place a majority of the energetic decentralized functions exist.

Momentum for Ren actually began to construct on Jan. 26 after it was announced that Dogecoin (DOGE) may very well be transacted on the Ethereum community by means of the renDOGE bridge.

The announcement of a partnership with Alameda analysis on Feb. 2 adopted by the protocol’s integration with the Binance Sensible Chain on Feb. 18 helped push Ren to an all-time excessive of $1.84 on Feb. 19 earlier than the general market correction that started on Feb. 20 dropped the worth again beneath $1.

Following the downturn, Ren has continued to develop its ecosystem by means of integrations with DeFi protocols like 1inch (1INCH), PancakeSwap (CAKE) and BadgerDAO (BADGER), in addition to by means of the addition of recent cross-chain property together with Digibyte (DGB), Terra (LUNA), Solana (SOL) and Fantom (FTM).

A collaboration that was shaped with Polkadot (DOT) again in June 2020 has additionally been paying off for Ren of late as DeFi tasks just like the Acala community put together to launch on the Polkadot community as soon as the upcoming parachain auctions are full.

In line with the newest ecosystem update, the RenVM surpassed $3 billion in whole quantity on the finish of February and has paid out over $5,500,000 to node holders since its inception. The group has additionally launched an replace for Ren Bridge 2, which is now totally open-source and might be accessed on GitHub.

Indicators of rising fundamentals 

Alongside the latest integration with a number of DeFi platforms and the addition of Solana, Fantom and Luna to the Ren ecosystem, the VORTECS™ Score, an algorithm comprised of present and historic market sentiment, buying and selling quantity, latest worth motion and Twitter exercise, has risen as excessive as 78 over the previous week as fundamentals for the venture enhance.

VORTECS™ Rating (inexperienced) vs. REN worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating flipped inexperienced on March 26 and has remained on this zone for a majority of the time since then. Earlier backtesting of the Markets Pro system has proven that greater VORTECS™ scores trace that the present market circumstances are just like circumstances previously when the asset rallied over the subsequent a number of days.

With the momentum of nonfungible tokens beginning to wane, merchants might quickly be seeking to rotate into the subsequent scorching sector and there are indicators that exercise on DeFi platforms is once more on the uptick.

As blockchain know-how will increase its presence within the mainstream monetary markets, Ren is one altcoin buyers are clearly watching resulting from the truth that interoperability will stay a serious focus in serving to to unify what’s at the moment a disjointed cryptocurrency ecosystem.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a choice.