Ren Protocol is listed on Liquid exchange on September, 17th. Prior to this, REN, or Republic Protocol, or Ren Protocol (REN) was listed on the Emirex exchange for trading. It was listed on Crypto.com App on 12th August this year. In total Ren is now listed on the 37 markets and 24 exchanges among which the Binance is the largest, most influential, and most active.
What is Ren Protocol?
Ren Protocol is a crypto token based on the Ethereum blockchain. Its maximum number it is set to 1 billion tokens, but currently, only 885 million have been issued and can be traded.
Being an open protocol, it allows the private transfer between any blockchain. The main Ren Protocol’s product is Ren Virtual Machine or shorter RenVM, a safe network that consists of virtual computers adjusted to provide operability for decentralized apps. The well-known product provides exchanges, cross-chain lending, and many other features suitable for the ETH ecosystem liquid assets.
At the time of writing, the price is $0.252. This token reached an all-time high value on September the 1st this year, when it was traded at $0.596. Today, its price is around half of that. The market cap is $223,46 million, while the daily trading volume stands at $19,27 million.
The Ren Protocol applies the Shamir Secret Sharing Scheme to divide a large order into smaller ones. In this way, Darknodes are unable to recognize either destination or amount of any transaction.
How the listing of Ren on the Liquid market is great news for this cryptocurrency?
First of all, Liquid is the largest global cryptocurrency/fiat exchange by transaction volume. The software engine of this Japanese platform is in-house developed External World Book, which improves user price matching and more profound liquidity for pairs traded. Ren is now in the company of Bitcoin and Ethereum, the most traded cryptocurrencies.
Traders can trade it against currency pairs in Japanese yen, Australian dollars, and euro, but trading REN is not available for residents of the US.