REN Price Analysis – 10th March 2021

Ren (REN) is a multi-chain trustless custodian platform that holds digital assets so that they can be moved between blockchains. The Ren Virtual Machine (RenVM) wraps coins and mints a 1:1 backed ERC-20 token.

The RenVM was initially conceived in 2018 as a dark pool DEX project, whereby the order book remains private through the use of zk-SNARKs and other mechanisms. This was achieved through dark pools and darknodes, which require an initial staking bond of 100,000 REN.

Dark pools allow market participants to conduct large, strategic trades without alerting the public or being front-run by other market participants.

Darknodes earn fees from the orders that they match and settle. Users who provide liquidity are able to run additional darknodes because they are economically aligned with the network. Fees can be earned in Ethereum (ETH) and arbitrary ERC20 tokens. The RenVM currently has a 0.25% mint fee with a 0.10% burn fee.

An ICO in February 2018 raised US$34 million by selling 602 million REN for 34,000 ETH. This included a pre-sale which sold 516 million REN for 5,000 ETH. A strategic reserve fund was allocated 199 million REN with 99 million REN split among the founders, team, and advisors. The remaining 100 million REN was set aside for partnerships, early adopters, and community development.

REN currently has an 881 million free float token supply. Nearly US$700 million is locked within the RenVM in the form of renBTC, which can interact with other DeFi applications on the Ethereum chain. The total value locked into contracts on RenVM is 11th among other DeFi applications, growing over 2x in recent months.

Technical Analysis

Watch the full REN Technical Analysis on YouTube