REN price gains 65% after catalog launch brings cross-chain DEX to its blockchain

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Decentralized finance projects like Ren have been pumped into 2021, ending the year where they started as high fees on Ethereum (ETH) led to decreased activity for many protocols and DeFi took a back seat. on more popular sectors like non-fungible tokens (NFTs).

Now, it appears that this downward trend is reversing after recent global events highlighted the benefits of DeFi and holding assets outside of the traditional financial system. This week, the price of REN soared 69% from a low of $0.247 on February 24 to a daily high of $0.418 on March 3.

REN price gains 65 after catalog launch brings cross chain DEX REN price gains 65% after catalog launch brings cross-chain DEX to its blockchain
REN/USDT 4 hour chart. Source: Trading View

Three reasons for the potential price reversal in REN are the launch of its first catalog of layer one applications, the launch of VarenX on Polygon, and several new partnerships and integrations for REN and the Ren Virtual Machine (RenVM).

Catalog launches

The biggest recent development of the REN project was the release of Catalog, the first application built on the Ren blockchain.

The 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 trade assets on popular networks at minimal cost.

Catalog’s liquidity mechanism will leverage native asset pools as well as third-party DEX liquidity, meaning Ren will be able to support a wide range 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.

Launch of VarenX on Polygon

A second development that boosted REN’s momentum was the integration of its VarenX DeFi hub on the Polygon network.

So far, VarenX has only operated on the Ethereum network, which makes it difficult for VarenX to gain traction.

The low-cost nature of Polygon has allowed VarenX to offer gas-free transactions through its “FreeWei” feature that covers gas costs for users, allowing them to transact cross-chain for free.

Related: REN Price Likely to Fall 50% After Bearish Trading Pattern Emerges

Partnerships and integrations

A third factor helping to improve Ren’s prospects has been a series of partnerships and integrations that have helped strengthen his cross-chain ties.

Most recently, Ren partnered with Kava to join the Kava Pioneer program, which will see the RenVM rolled out to the Kava Network Ethereum co-chain on March 8th.

Other notable developments include a partnership with DappBack, an integration of renBTC with Vesta Finance, and the listing of REN on the Voyager app and exchange.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for REN on February 25, ahead of the recent price rally.

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. .

1646440492 624 REN price gains 65 after catalog launch brings cross chain DEX REN price gains 65% after catalog launch brings cross-chain DEX to its blockchain
VORTECS™ score (green) versus REN price. Source: Cointelegraph Markets Pro

As shown in the chart above, the VORTECS™ score for REN moved into the green zone on February 25 and hit a high of 81 around 56 hours before the price rose 35.8% over the three following days.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.