|All Time High:|
|Market Cap: |
|The price of #RENBTC today is $28,171 USD.|
The lowest RENBTC price for this period was $0, the highest was $28,171, and the current live price for one RENBTC coin is $28,170.58505.
The all-time high RENBTC coin price was $73,190.
Use our custom price calculator to see the hypothetical price of RENBTC with market cap of BTC or other crypto coins.
|The code for renBTC crypto currency is also #RENBTC. |
renBTC is 2.7 years old.
|The current market capitalization for renBTC is $8,451,176.|
renBTC is ranked #561 out of all coins, by market cap (and other factors).
|The trading volume is small today for #RENBTC.|
Today's 24-hour trading volume across all exchanges for renBTC is $7,301.
|The circulating supply of RENBTC is 300 coins, which is 99% of the total coin supply.|
A highlight of renBTC is it's astoundingly small supply of coins, as this supports higher prices due to supply and demand in the market.
Moving on from Alameda
Early last year, Alameda acquired Ren in a partnership with the previous Ren leadership, to secure long-term development funding. Alameda has since been funding the development team on a quarterly basis. Last week, the FTX Group, which Alameda falls under, commenced Chapter 11 proceedings. Therefore, the Ren development team only has funding until the end of Q4. The goal of the Ren team has always been to launch an open-source and community-run version of the Ren network, and work towards this goal culminated into what we call Ren 2.0. It is a new architecture based on Geth with our new MPC implementation of FROST, which enables deployment of EVM-based applications on Ren with native multichain support for all blockchains integrated with Ren, and supports all bridging features Ren 1.0 offers as well. The switch to FROST as the MPC protocol lays the ground for a truly decentralized MPC network, as it is scalable to thousands of nodes, which if deployed would make it the most decentralized cross-chain platform live in the Web3 world. A Ren 2.0 testnet is about to be deployed to showcase its capabilities, but there is additional work to test, harden and audit the new architecture, as well as finish new node client interfaces and general developer tooling, which would not be fully ready by the end of Q4. As such, to get to the Ren 2.0 stage where we have a fully open-source and community-run cross-chain network with its own inde...
Ren Development Update | October 2022
The main development focus continues to be on Ren 2.0 — the next stage of Ren — that will enable truly native multichain applications, as well as MPC support for EVM contracts. Moonbeam was also added as a new host chain, and Optimism and Arbitrum testnets were migrated to Goerli. — Ren 2.0 updates - Development of Ren 2.0 and writing out extensive documentation for it will continue to be a key priority for the rest of the year as well as early next year. Big news this month regards Ren 2.0’s leveraging of Geth, which will massively reduce the complexity of building out the Ren 2.0 stack, accelerating its development. — Execution and State. — Ren 2.0 will be using an EVM layer for all execution logic and state management, based on Geth. The main benefits of this design is the massive reduction of complexity for the system, compared to implementing a new fully-fledged blockchain from scratch. Ren 2.0 can launch much earlier, and safer, by leveraging the heavily tested Geth codebase, and benefits from all the continued development and testing being done on Geth in the future. This month the focus was on translating the current bridging and fee management contracts used in Ren 1.0 from Golang to Solidity. — Darknode 2.0. — The new node client that will power Ren 2.0 is being significantly code refactored to improve performance, support the new RenEVM chain, and to future-proof the de...
Ren integrates Moonbeam
Bridge $BTC and more directly to and from Moonbeam We are excited to announce that Ren now supports direct bridging to and from Moonbeam for every asset that Ren supports, such as $BTC, $ETH and $USDC! Start bridging here: bridge.renproject.io — What is Moonbeam? - Moonbeam is an Ethereum-compatible smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. It’s a parachain on Polkadot and a highly specialized Layer 1 chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more, and extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. And with Ren supporting it, you can now bridge BTC, DOGE, ZEC as well as tokens and assets from the 10+ other smart contract chains Ren supports directly to Moonbeam. — Build cross-chain apps on Moonbeam today - Third-party developers can now build Cross-Chain dApps on Moonbeam with the RenJS SDK. You can get started below 👇 renproject.github.io — Ren Token contract addresses on Moonbeam - Verify the token contracts on this page, by selecting ‘Moonbeam’...
Ren Development Update | September 2022
The primary focus this month has been the continued development and preparation of the launch of Ren 2.0, involving lots of testing, porting old features to work with the new MPC algorithm, and adding new surprise features! We have also finished our support for Moonbeam and undergone a Ren testnet migration from Kovan to the Goerli network. — Ren 2.0 updates - — DKG. — Distributed key generation (DKG) is a core component in allowing a set of nodes to generate a key pair, such that the public key is output publicly, while the private key is distributed amongst the nodes through secret sharing. The initial implementation of Ren’s DKG protocol is in its final stages of testing. The focus will now shift to integrating it into the new Darknode client, as well as increasing its robustness in such cases where nodes go offline for any reason, which is expected in a decentralized network. — All bridging transaction types integrated with new MPC algorithm. — Minting and burning, as well as the recent host-to-host transaction type, have successfully been integrated with the new FROST algorithm in the new Darknode client! This will ensure that the ecosystem transition between Ren 1.0 and 2.0 will be as smooth as possible. — NFT support. — Surprise! The team has quietly added support for NFTs to Ren 2.0. This will open up Ren to a whole new host of applications and developers who can use Ren. S...
Ren Development Update | August 2022
The month of August has been historic for Ren with the announcement of Ren 2.0 and the progress made since then, which will take the protocol to the next level in terms of security, efficiency, and developer tooling. The first Cosmos chain — Kava — was also integrated into Ren, and work was begun to support more non-Ethereum stablecoins, which will open up more bridge routing pathways and support more use-cases. Finally, the process to begin auditing the upgraded Ren gateway contracts has begun. This will ultimately enable the earliest assets such as $renBTC to migrate to the new version that supports the burn-and-mint functionality, allowing direct any-to-any-chain bridging for Bitcoin, Dogecoin and more. — Ren 2.0 - This month we announced the next iteration of Ren in this emergent multichain world. Ren 2.0 is an open protocol, enabling novel multichain application development with EVM support — leveraging Ren’s robust bridging technology for a new world of opportunities. Check out the announcement blog for more details: medium.com Ren 2.0 boasts improved security, support for generic application logic on top of Ren, an improved MPC algorithm that’s more scalable and able to support more signing schemes, and optimized tokenomics to further align incentives for ecosystem participants. Since the announcement, work has been done to add RenEVM support for the Darknode CLI, and the new FROST MPC algor...
Introducing Ren 2.0
Today we are excited to introduce the next iteration of Ren in this emergent multichain world. Ren 2.0 is an open protocol, enabling novel multichain application development with EVM support — leveraging Ren’s robust bridging technology for a new world of opportunities. — Background - The Ren protocol has reached great technical maturity since it was first announced at the end of 2018. Initially supporting BTC, BCH, and ZEC on Ethereum mainnet, the protocol now supports a plethora of assets across smart contract chains such as Arbitrum, Polygon, Solana, and more. This multichain support enables interoperability between the largest and most active ecosystems throughout the crypto space. Adding to this, two significant upgrades were deployed recently: Support for direct bridging of renASSETS between smart contract chains, making it faster and cheaper than ever to bridge., Support for generic tokens being moved between those smart contract chains, such as stablecoins, and native assets like ETH., In terms of adoption, the protocol has crossed $12 billion in all-time volume, and the ecosystem has key integration partners in Varen, ZeroDAO, and more, offering unique cross-chain services powered by Ren. Catalog will also prove to be a key liquidity bootstrapper for the Ren ecosystem as it starts to move through its phased rollout over the remainder of the year. With integrations wrapped up for Optimism, Kava, and M...
Ren integrates Kava
Bridge $BTC and more directly to and from Kava We are excited to announce that Ren now supports direct bridging to and from Kava for every asset that Ren supports, such as $BTC, $ETH and $USDC! Start bridging here: bridge.renproject.io — What is Kava? - Kava is a lightning-fast Layer-1 blockchain featuring a developer-optimized co-chain architecture that combines the two most used permissionless ecosystems — Ethereum and Cosmos — into a single, scalable, network. With Ren supporting it, you can now bridge $BTC, $DOGE, $ZEC as well as tokens and assets from the 8+ other smart contract chains Ren supports directly to Kava and back. — Build cross-chain apps on Kava today - You can now build Cross-Chain dApps on Kava with the RenJS SDK. Get started below 👇 renproject.github.io — Ren Token contract addresses on Kava - Verify the token contracts on this page, by selecting ‘Kava’ in the dropdown menu in the Gateway contracts section: renproject.github.io — Looking forward - We are excited to have Kava integrated with the Ren ecosystem, as it opens up not just a direct Bitcoin bridge to Kava, but 8+ chain bridges from the largest EVM chains and L2s, as well as Solana, directly to Kava, and as a result the Cosmos ecosystem at large! This massively expands interoperability for the whole crypto-finance ecosystem, as assets and liquidity can now move fluidly from almost anywhere to everywh...
Ren integrates Optimism
Bridge $BTC and more directly to and from Optimism We are excited to announce that Ren now supports direct bridging to and from Optimism for every asset that Ren supports, such as $BTC, $ETH and $USDC! Start bridging here: bridge.renproject.io — What is Optimism? - Optimism is a low-cost and lightning-fast Ethereum L2 blockchain, that pledges to uphold the values of Ethereum by producing infrastructure that promotes the growth and sustainability of public goods. Optimism has a native bridge to and from Ethereum, but with Ren supporting it, you can now bridge BTC, DOGE, ZEC as well as tokens and assets from the 7+ other smart contract chains Ren supports directly to Optimism and back. — Build cross-chain apps on Optimism today - You can now build Cross-Chain dApps on Optimism with the RenJS SDK. Get started below 👇 renproject.github.io — Ren Token contract addresses on Optimism - Verify the token contracts here: renproject.github.io Select ‘Optimism’ in the dropdown menu in the Gateway contracts section. — Looking forward - We are excited to have Optimism integrated with the Ren ecosystem, as it is home to both OG DeFi protocols like Synthetix, Uniswap and Curve, as well as Optimism native DeFi protocols like Perpetual Protocol and Velodrome, all fitting for the Ren ecosystem to integrate with and grow liquidity on. The Optimism integration is another key step in connecting all blockchains w...
Ren Development Update | June 2022
Big things are brewing in the Ren ecosystem, with new host chain integrations coming, new assets supported, bridging between host chain supported, an improved explorer, research into supporting EVM applications on Ren, research into increasing scalability and the security and liveness thresholds for the network, and significant developments taking place for more decentralization. Here’s the progress since last time 🔽 — RenBridge 3.0 live - RenBridge 3.0 comes with support for wrapping stablecoins and generic tokens between chains, as well as support for bridging renASSETS from one chain to another in one step! This opens up a whole new world of assets to be bridged through Ren, as well as new use-cases with the Bridge transaction type, such as ‘native-to-native’ swaps by pairing bridging with swapping in liquidity pools in one step. More info in the announcement: medium.com — Optimism added to Ren testnet - Optimism, an Ethereum L2 rollup, has been integrated with Ren and is currently undergoing testing on testnet. A full mainnet deployment and integration on RenBridge is expected within the month of June. This will add another host chain to Ren that 30+ assets can be bridged to and from. — New Ren Explorer live - A new version of the Ren Explorer was deployed early in June, which observant community members might have discovered, as among other things it comes with a new design. New features i...
Introducing RenBridge 3.0
We are excited to announce that RenBridge 3.0 is live! It comes with support for wrapping stablecoins and generic tokens to other chains, as well as support for bridging renASSETS from one chain to another in one step! Check it out here: bridge.renproject.io RenBridge 3.0 | Supporting over 25+ assets on 7+ blockchains Ren is now able to mint and release generic tokens from one chain to another through the newly developed feature we call host-to-host (H2H). Ren’s H2H feature is a big step forward for the protocol, as it adds bridging support for almost any asset on all blockchains supported by Ren. That means users can now bridge tokens such USDC, USDT, DAI, CRV, and generic vault and LP tokens, as well as the native gas assets such as ETH, BNB, MATIC, to any blockchain Ren supports. This is a huge milestone for the Ren Ecosystem as it opens up a whole new world of assets to be bridged, and new applications that can follow. RenBridge 3.0 | Direct bridging between chains for Ren assets RenBridge now also supports a new transaction type called Bridge, which is different from Minting and Releasing in that it lets you bridge an already existing renASSET, such as renBTC, from one chain directly to another, without having to burn the asset back to its origin chain (Bitcoin in this example) before minting it to the target chain. With Bridge, the renASSET is burned on the chain you are moving the asset from, and minted directly on...
More renBTC (#RENBTC) News
|MakerDAO Disposes of renBTC as Stablecoin Collateral
MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral.
The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research.
Alameda and Ren
As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday.
Nearly 75,000 votes were in favor of the motion, with 0 abstaining or objecting.
“Considering the acquisition of the Ren project by Alameda Research and the recent bankruptcy of the latter, the Ren development team disabled the Ren network mints,” said Maker. Ren 1.0 network, it said, will shut down within 30 days after November 18th.
Ren is a bridge protocol for transferring digital assets to other blockchains (ex. transferring BTC to Ethereum). Facilitating such bridges requires a trusted third party to hold organic BTC in reserves, such that the bridge token (renBTC) is always redeemable with BTC 1:1. This allows the price of the bridge token to consistently track that of the base asset.
Stablecoins work in much the same way, with organizations like Tether and Circle holding billions in cash and U.S. Treasuries to back their dollar equivalent tokens. Both organizations release periodic attestations affirming the status of their reserves.