24H Price


About Ren

The Ren price is $0.06071963, a change of -13.96% over the past 24 hours as of 4:59 a.m. The recent price action in Ren left the tokens market capitalization at $60.72M. So far this year, Ren has a change of -18.79%. Ren is classified as a DeFi under CoinDesks Digital Asset Classification Standard (DACS).

REN is the native cryptocurrency of the Ren protocol. It is an open protocol designed to allow users to move digital assets from one blockchain to another, generating cross-chain liquidity. To do so, it allows users to create tokens that conform to Ethereum’s ERC-20 standard that are backed 1:1 with their counterparts, such as bitcoin and bitcoin cash. In that, it resembles wrapped bitcoin (WBTC).

Ren price

The Ren protocol’s native token, REN, is an Ethereum-based cryptocurrency that uses the ERC-20 token standard. The token is paid as a refundable bond by network participants as a guarantee of good behavior.

The REN price touched an all-time low of about $0.01548 in February 2019, and remained below $0.20 from its initial sale in 2018 until August 2020. It touched a record high, $1.80, on Feb. 20, 2021.

There is a theoretical maximum supply of 1 billion REN tokens, all of which have been issued, according to CoinGecko data.

How does Ren work?

The protocol is similar to wrapped bitcoin (WBTC) in that users deposit tokens and receive an ERC-20 version in exchange. For example, if a user deposits bitcoin (BTC), the person receives renBTC. The difference is that REN does not use a single custodian to hold the keys to the backed assets but a distributed system.

REN is used as a bond for users who lock their assets up within the RenVM darknodes. When users want to retrieve their assets from the RenVM, they can use their REN to do so. Because REN’s use case is limited to serving as a bond, the maximum supply of REN has been fixed at 1 billion and no other REN will be created.

Key events and management

Ren was founded by Taiyang Zhang and Loong Wang as the Republic Protocol. The Republic protocol is known for operating as a merchant for facilitating the creation and backing of wrapped bitcoin (WBTC), a role that Ren maintains. Following the REN token sale in 2018, Republic Protocol rebranded to Ren.

The initial coin offering (ICO) raised 35,000 ether from lead investors Polychain Capital and FBG, as well as funds like Huobi Capital, Hyperchain Capital and Signal Ventures. While initially formulated as a way of bringing dark pools – privacy-preserving trading venues where the order book is kept secret – to crypto, the founders later switched to focus on moving assets between blockchains.

The first renBTC went live on Ethereum in May 2020.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Ren

(CraigRJD/Getty Images)
FTX Will Receive All of Ren Protocol's Pegged Assets, Including Bitcoin and Dogecoin

FTX’s sister company Alameda Research had previously acquired Ren to provide long-term funding before shutting down.

(CraigRJD/Getty Images)
(Gerd Altmann/Pixabay)
Open-Source Protocol Ren Token Surges 18% Amid Rising Interest in Multichain Projects

In November, following the protocol's loss of funding from Alameda, Ren accelerated its shift from Ren 1.0 to a more efficient, secure version.

(Gerd Altmann/Pixabay)
A price pump typically follows a token listing on the Binance exchange. (nikom khotjan/Moment/Getty Images)
'Binance Effect' Means 41% Price Spike for Newly Listed Tokens

A study by Ren & Heinrich suggests that Binance's emergence as the dominant global crypto exchange might mean that its individual token listings are now getting a lot more att...

A price pump typically follows a token listing on the Binance exchange. (nikom khotjan/Moment/Getty Images)
The week-to-date leader chart among assets in the CoinDesk Market Index Ex Stablecoins shows the FET token surged 80% this week. (CoinDesk Indices)
AI-Related Tokens Surge as Maple, Ren Fall: CoinDesk Market Index Week in Review

AI platform’s native token FET surged 80% in the past five days, according to data from CoinDesk Market Index.

The week-to-date leader chart among assets in the CoinDesk Market Index Ex Stablecoins shows the FET token surged 80% this week. (CoinDesk Indices)

Rootstock Chief Scientist, Sergio Demian Lerner, regards the upcoming Bitcoin halving is a moment of celebration for the community and highlights the importance of transaction fees for the sustainability of the network. Read more...

CoinDesk Indices

View All
Top Indices including Ren
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 04/14/24 4:59 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.