Ren’s renewed focus on decentralized finance (DeFi) has been shown in the recent addition of new tokens on the platform.
While DeFi and non-fungible tokens have grown in popularity and usage, there is a need for interoperability between networks. Many of the networks are still operating on Ethereum (ETH), which has high gas fees.
Ren (REN) was launched to provide the required interoperability needed to galvanize the DeFi and NFT sector.
On March 31, Ren stated on Twitter that the interoperability-focused protocol is now supporting Fantom (FTM) and Solana (SOL), which are the latest tokens added to the platform.
March Development Update
— Ren (@renprotocol) March 31, 2021
1⃣ @solana and @FantomFDN on #RenVM Testnet
2⃣ Ren Bridge 2 Open-Sourced and Forkable
3⃣ Native Fee Tracking https://t.co/Z02gXAL4Yd
Ren has now supported three tokens over the past week. This has also led to a 40% increase in the price of REN, with users of the supported tokens indicating more interest in the Ren ecosystem.
The blockchain space has seen a rise in DeFi and NFT projects, which has led to an increase in the need for interconnectedness. With a project such as REN, the entire crypto and DeFi ecosystem will improve transactions and operation on the blockchain network, according to REN.
The price of REN shoots upwards
Ren started the year on a high as the crypto market consolidates. However, the decentralized finance has grown rapidly and unexpectedly. It has given the protocol the ability to bring tokens to other blockchains. There is a clear shift in blockchain technology, as several fintech try to find their way
