Not many people know the REN coin but this well -known analyst revealed its potential as an underrated DeFi coin.
In its video on Youtube recently, the Coin Bureau claimed that although REN was in the best position as a layer of interoperability in the crypto sector, the coin failed to grab attention.
In a nutshell, Ren is a cross-chain liquidity protocol needed to allow non-Ethereum assets such as Bitcoin to be used in the Ethereum blockchain based on ERC20 tokens.
Currently, the Ren protocol is in an effort to further expand its ecosystem on blockchains other than Ethereum.
In just a few months, the market value of renBTC in Ethereum has exceeded 1 billion. However, at the time of writing, its market value has declined slightly to $ 726,570,604.
The analyst is confident REN will continue to grow following news the ecosystem will partner with decentralized exchange, Serum and DeFi’s platform, OpenDAO.
Ren will also reportedly support the Avalanche blockchain. Earlier, Ren announced it had partnered with MyEtherWallet to make renBTC mining using BTC in the MyEtherWallet mobile app feasible.
However, investing in REN has its risks. There is a high probability that large investors will dump tokens causing prices to plummet.
At the time of writing, the REN is trading at $ 1.03, down nearly 8% in 24 hours. Its market value has reached over $ 1 billion.
