Ren (REN) fans are definitely excited about the development of the price of this asset since the lowest level recorded last July.
After hitting a low, $ 0.26 on July 20, the REN jumped 339% to a daily high, $ 1.16 on September 15. Total trading of these assets also increased 443% to $ 673 million in 24 hours.
Analysts see the REN movement as driven by these three main factors:
Increased total capacity in the network and locked value (TVL)
Several recent chains have been added to the list of integration support which also includes Ethereum, Binance Smart Chain (BSC), Solana, Polygon, Phantom, Avalanche and Arbitrum.
Each new integration helps increase the total capacity and value locked in (TVL) in the Ren network.
Integration with Arbitrum
The price spike on September 15 was largely driven by the launch of the Arbitrum liaison specifically designed to handle decentralized applications (DApps) at a fast rate and at low cost.
Arbitrum is more attractive than Ethereum because of its low cost especially for BTC owners who can now switch to a layer-twodan solution connecting in a network with renBTC.
REN is approaching decentralization
The increase in activity on the Ren network is a follow -up to the launch of RenVM Greycore on testnet on September 13, in an effort to move towards full decentralization.
The first project to join Greycore was BadgerDAO, a DeFi project that focuses on projects that bring BTC into DeFi.
At the time of writing, the REN is trading at $ 1.01, down nearly 8% in 24 hours. The asset however saw a decline of up to 44.60% from an all -time record high (ATH), $ 1.83 on Feb. 20th.
