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.
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.
Say goodbye to multi-chain stunts with Catalog♂️
Learn more about this @catalogfi and partners bring to the multi-channel ecosystem herehttps://t.co/bRqCyyCsis
Join the waitlist for early access and morehttps://t.co/hb4KyRhA8r
— Ren (@renprotocol) February 26, 2022
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.
VarenX is live at @0xPolygon with free GAS thanks to @varenfinance!
Gasless cross-channel exchange is here and it is an important step to improve the native multi-channel user experience.
Learn more below https://t.co/XMyTh0bB5Y
— Ren (@renprotocol) February 25, 2022
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.
Announcing a new Kava Pioneer!
welcome @Renprotocol!
Glad to see RenVM rolling out to the Kava Network Ethereum co-chain on March 8th!
The Pioneer program is still open for submissions with a 100K $KAVA pool to be won! https://t.co/h3v6URIPmF pic.twitter.com/syTE6bHAHW
— Kava Network (@kava_platform) March 3, 2022
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. .
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 Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
