Ren shifted the spotlight to himself as he gave strong performances during the daily period. The cryptocurrency had been in the grip of the bears after the market experienced an extended bullish momentum; however, the bears seem to be calming down. At the time of writing, the cryptocurrency sits at a price level of $0.89. The cryptocurrency has risen 15% in the past twenty-four hours while daily trading volume has jumped over 200%. Ren sits at market rank of #120 with growing capitalization due to favorable price movements.
Is it an attractive investment?
Ren basically aims to increase interoperability between blockchains, as interoperability remains one of the main issues plaguing the market. Blockchain-based software enables the transfer of digital assets across different platforms. A user with Bitcoins can trade Ethereum and also access DeFi from Ethereum-based projects by locking BTC in Ren. The software uses bridges for this purpose. One of the reasons that makes the project so attractive is that it does not compete with any of the big blockchains in the market, but complements them, allowing them to unleash their full potential.
Additionally, Ren is also sometimes confused with just a bridge, but it’s essentially a Layer 1 compatible Ethereum virtual machine that allows decentralized applications – like his bridge – to be built on top of it. The network Numbers are attractive, which largely explains the hype surrounding the project. RenBridge has processed over $84 million so far with no hacks or loss of funds. The network has over 1700 active nodes and offers an attractive return on investment of 8-10% on operating one node.
Ren – Future Prospects
Ren has a very interesting proposal – with the aim of tackling one of the most dreaded problems in the blockchain industry. The proposition coupled with the fact that the project is designed to complement and work in tandem with other blockchains is the icing on the cake. The solid fundamentals coupled with the equally interesting techniques make the project interesting. According to the estimates of Digital prize coinRen is expected to end the year with a price level of $1.33 while the five-year projection puts the token at $3.08. Investor Portfolio also has a favorable forecast for the token and suggests a price of $1.26 in one year and $3.25 in five years.