REN/USD has weakened from $0.53 to $0.31 since the beginning of April 2022, and the current price stands at $0.33.
RenVM enables universal interoperability between blockchains
RenVM is a decentralized network that enables developers to bring cross-chain functionality to their DeFi applications. RenVM enables universal interoperability between blockchains and adds more liquid assets to the Ethereum ecosystem, which directly enhances DeFi’s utility.
Anyone can use RenVM to send any asset to any application on any chain in any quantity, and it is important to say that many of the leading Web3 applications have unlocked a native cross-chain user experience using RenVM.
RenVM has a high level of security; it is scalable and provides an optimal user experience because users can interact with multiple assets, applications, and chains with only one transaction. The team of RenVM added:
Interoperability was critical for the continued growth of blockchains, and there have been many attempts to achieve various forms of interoperability between blockchains, most of which have focused on interactions between Bitcoin and Ethereum. To this end, we have developed RenVM with the intent to bring interoperability to all blockchains, developers, and users.
RenVM implements universal interoperability using the tokenized representation model, while the algorithmic adjustment of fees allows RenVM to automatically scale its capacity to meet demand.
RenVM is powered by a network of machines called Darknodes which earn a share of the volume transacted through this network. For example, if the user transfers Bitcoin from one chain to another, the Darknodes earn a small adjustable percentage of that transfer.
Darknodes are a concept of thousands of machines, and the bond of every Darknode represents a commitment to good behavior.
Developers should consider that the bond of Darknode can be slashed if the Darknode behaves maliciously or if it is responsible for the loss of assets.
REN is the utility token of RenVM network, and the requirement for running a Darknode is 100,000 REN staked as collateral.
RenVM (REN) has a strong and growing community; the popularity of this project is rising, and it started adding support for the next batch of chains and assets, allowing its users to tap into the ZK, Polkadot, and Cosmos ecosystems.
$0.30 represents current support
REN continued its fall and reached a new monthly low of $0.31 on Monday, while the current price stands at $0.33.
The current support level stands at $0.30, and if the price breaks it, the next price target could be around $0.25 or even below.
On the other side, if the price jumps above $0.6 resistance, it will signal to trade REN, and the next price target could be at $0.80.
Summary
RenVM is a decentralized network that enables universal interoperability between blockchains and allows users to interact with multiple assets, applications, and chains with only one transaction. RenVM (REN) continued its fall and reached a new monthly low of $0.31 on Monday, while the current price stands at $0.33.
The post RenVM (REN) price prediction after the current dip appeared first on Invezz.
from Market Analysis – Invezz
