Ren, the Defi protocol that enables inter-blockchain liquidity, has launched its RenVM mainnet, bringing Bitcoin (BTC) to the Ethereum blockchain. The Mainnet was successful put live on the 27th of May and transforms the blockchain platform to its next phase.
Ren’s major product RenVM is designed to enable easy interoperability across several decentralized finance ecosystems. The product helps to create seamless movement of assets between blockchains.
RenVM enables blockchains to send tokens to each other, or call smart contracts on each other even if they weren’t built with this ability in mind. RenVM is one of the first Defi products designed to connect any asset on any chain for use in any application.
RenVM is one of the few Defi projects that have the capability to bring cross-chain assets to the Ethereum ecosystem. At the time of writing the platform has been able to successfully link BTC, BCH and ZEC within its ecosystem.
Ren raised $34 million in 2018 and is one of the progressive projects in the blockchain industry
Unlike other new blockchain projects that have struggled to sell their ideas to investors. Ren has experienced a smooth path towards funding with the platform raising $38 million from its ICO in 2018 which puts the project in good financial stead.
Furthermore there is a commitment towards ensuring that the project reaches its goal with several partnerships secured in recent months. The Ren Alliance is also a major part of the blockchain project and represents a consortium of DeFi projects and companies helping to develop, secure and utilize RenVM.
Members of the Alliance include key players like Kyber, AirSwap and Polychain Capital. With the launch of the mainnet, the group can now use RenVM to access cross-chain liquidity and earn yield on their assets.
Ren price has not yet responded to the launch of its mainnet with the token currently trading negatively at the time of publication. It is expected with the move to its mainnet, the token should experience some bullish trend in the coming days.