The Ren 2.0 Might Be Launched With Binance Financial Help

The Ren multichain protocol was rumored to be about to be purchased by Binance, a famous cryptocurrency trading platform. The price of the Ren coin quickly increased as a result of this. Currently, it is being sold for $0.1334. 

Leaving Alameda behind

Early last year, Alameda Research provided some funding for the Ren protocol. Since Alameda and the FTX cryptocurrency trading platform have declared insolvency, Ren was left in a precarious situation and could not operate after it failed to receive additional funding.

Ren claimed that the extra money is necessary, particularly for the execution of the updated Ren platform. The latter has been planned for release since the corporation made a decision to stop running the Ren 1.0 platform. 

Prior to its closure, Alameda Research was in charge of the 1.0 version. The documentation stated in a media post that it was going to inform the users of the other means that its management wishes to raise money.

Afterwards, it might put the choice up for a vote. With the help of the Ren protocol, decentralized protocols might become more liquid. This would be accomplished by facilitating asset transfers between various blockchain-related systems. 

Clients might have an opportunity to convert Bitcoin to the native Ren token, an ERC-20 compliant token, for example. It might be connected with the Ethereum system and utilized in blockchain monetary management systems like Uniswap. 

Upcoming events

Developers can create unspecific blockchain application structures on Ren 2.0. Additionally, it might improve the REN token and create a better multiple parties procedure method that might be used to certify the transaction.

One billion units of the fixed-supply REN are held on the Binance and Coinbase exchanges, which together account for the majority of the total supply. While Coinbase holds 172 million, Binance has 166 million. 

The DAO’s stablecoin, the DAI, is being minted, but MakerDAO chose to remove the Ren token as a trustworthy collateral.

The Collateralized Debt Position smart contract, which allows clients to venture an ETH-based coin as confirmative, generates the DAI token.

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