Ren, a decentralized finance (DeFi) protocol with backing from Polychain Capital and FBG Capital, launched its core product ‘RenVM’ on Might 27.
The RenVM permits customers to create tokenized Bitcoin (BTC), Bitcoin Money (BCH), and Zcash (ZEC) within the type of ERC-20s to be used on the Ethereum ecosystem.
“Efficiently launching RenVM’s mainnet is a essential step in our long-term mission of making a decentralized platform for DeFi that’s self-sustaining and advances the business as an entire,” stated Taiyang Zhang, co-founder, and CEO of Ren.
“Generic interoperability has been a thorn in DeFi’s facet, and we’re thrilled that RenVM is now fixing this drawback by enabling cross-chain liquidity to crypto buyers all over the place,” Zhang added.
Ren additionally plans to introduce tokenized representations of crypto property for different main blockchain networks sooner or later, together with Libra and Celo.
Ren alliance to assist RenVM
RenVM tokens can be supported by the members of the lately shaped Ren Alliance — a consortium of greater than 50 companies who will work to safe, develop and make the most of the protocol.
The alliance consists of many main DeFi initiatives, together with Kyber Community, Aave, and Matic, along with crypto funding companies Polychain Capital and Synapse Capital, and crypto change Idex.
“RenVM is a chic resolution for fixing generic interoperability, and we’re thrilled to assist assure the protection of RenVM by serving as a darknode in its semi-decentralized core,” said Polychain’s Sherwin Dowlat.
DeFi nonetheless has “a variety of room to develop”
Chatting with Cointelegraph, Zhang said the Ren will spend the following few months guaranteeing that the RenVM goes easily.
“Because it actually matures and it will get battle-tested then we can be rolling out extra levels and permitting extra individuals to actually work together with the system,” he said. Zhang added that extra alliance members can be integrating assist for RenVM quickly.
As regards to the DeFi ecosystem, Zhang famous that the sector remains to be “very nascent, and there’s nonetheless a variety of room to develop,” emphasizing the elevated liquidity pool that tokenized Bitcoin opens up for Ethereum-based DeFi protocols.
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