REN stands out among a sea of red altcoins after the launch of Catalog and a pivot toward Polygon blockchain result in a 65% rally. Decentralized finance projects like Ren pumped in 2021, only to finish the year right back where they started as high fees on Ethereum (ETH) led to decreased activity for many protocols and DeFi took a backseat to more popular sectors like nonfungible tokens (NFTs).
Now, it appears as though that downtrend is in the process of reversing course after recent global events highlighted the benefits of DeFi and holding assets outside the traditional financial system. This week REN price climbed 69% from a low of $0.247 on Feb. 24 to a daily high of $0.418 on March 3.
Three reasons for the potential price reversal in REN are the launch of its first layer-one application Catalog, the launch of VarenX on Polygon and several new partnerships and integrations for REN and the Ren Virtual Machine (RenVM).
The biggest development to come out of the REN project lately was the release of Catalog, the first application built on the Ren blockchain. Catalog is a “Metaversal” exchange according to Ren and is designed to be a secure cross-chain decentralized exchange (DEX) with built-in liquidity mechanisms that allow users to swap assets across popular networks at a minimal cost.
The liquidity mechanism for Catalog will tap into native asset pools as well as liquidity across third-party DEXes, meaning that Ren will be able to support a wide array of projects without worrying about liquidity constraints.
Other features of Catalog include zero gas fees and low, flat-rate trading fees, the ability to earn passive income on crypto held in a Catalog account without needing to stake or participate in liquidity pools and future plans to add the ability to link a bank account for easy deposits and withdrawals.
A second development boosting the momentum for REN was the integration of its VarenX DeFi hub on the Polygon network. Gasless cross-chain swaps are here and it's a big milestone for improving the native multi-chain user experience. Up to this point, VarenX has only operated on the Ethereum network, making it difficult for VarenX to gain traction.
The low fee nature of Polygon has enabled VarenX to offer gasless transactions through its "FreeWei" feature which fronts the gas costs for users, allowing them to conduct cross-chain for free.
A third factor helping to boost the outlook for Ren has been a series of partnerships and integrations that have helped to strengthen its cross-chain ties. Most recently, Ren partnered with Kava to join the Kava Pioneer program, which will see the RenVM deployed on the Kava Network Ethereum co-chain on March 8. Excited to have RenVM deploying on the Kava Network Ethereum Co-Chain on March 8th!
Other notable developments include a partnership with DappBack, a renBTC integration with Vesta Finance and the listing of REN on the Voyager app and exchange. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REN on Feb. 25, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. As seen in the chart above, the VORTECS™ Score for REN climbed into the green zone on Feb. 25 and reached a high of 81 around 56 hours before the price increased 35.8% over the next three days.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||60%||92||$20 353.32||-1.42%||-0.53%||$388 337 068 695|
|2||ETH||Ethereum predictions||55.6%||90||$1 151.44||-2.30%||3.97%||$139 711 766 983|
|3||USDT||Tether predictions||96%||1||$0.998798||-0.02%||-0.02%||$66 744 611 923|
|4||USDC||USD Coin predictions||94%||1||$1.000111||0.01%||-0.01%||$55 808 782 078|
|5||BNB||Binance Coin predictions||58%||89||$229.09||-1.23%||5.90%||$37 404 633 525|
|6||BUSD||Binance USD predictions||92.8%||1||$1.001320||-0.01%||0.19%||$17 406 616 075|
|7||XRP||XRP predictions||63.6%||80||$0.339621||-1.67%||4.92%||$16 418 339 027|
|8||ADA||Cardano predictions||66.8%||75||$0.475803||-0.50%||1.15%||$16 059 575 338|
|9||SOL||Solana predictions||69.6%||66||$35.74||-5.16%||-0.53%||$12 249 479 023|
|10||DOGE||Dogecoin predictions||64.4%||80||$0.067290||-4.07%||4.85%||$8 927 450 724|
|11||DOT||Polkadot predictions||65.2%||78||$7.40||-2.37%||-2.27%||$7 303 239 049|
|12||DAI||Dai predictions||94.8%||1||$1.000334||0.13%||0.07%||$6 716 941 097|
|13||TRX||TRON predictions||58.8%||91||$0.066436||0.34%||2.24%||$6 144 991 551|
|14||SHIB||SHIBA INU predictions||64.8%||74||$0.000010||-6.10%||2.50%||$5 582 275 254|
|15||LEO||UNUS SED LEO predictions||74%||50||$5.75||-1.64%||-0.47%||$5 487 883 492|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.