Interoperability among blockchains has become one of the motto discussed when discussing decentralized financing and coins that are likely to rise during the uptrend of the altcoin.
DeFi’s rapid growth, ever-increasing total cost and rising ETH gas charges underscore the sector’s need for a Tier 2 alternative that also supports valuable transactions across multiple networks.
REN open protocol is specifically designed to meet this need by offering interoperability and liquidity between large blockchains, including Bitcoin, Ethereum and Zcash.
Over the past three weeks, REN has risen more than 200%, rising from $ 0.251 on December 27 to a full-time high of $ 0.778 on January 20, driven by $ 369 million in 24 hours.
Three reasons for the high REN prices recently include the announcement of a partnership with Google, the continuous increase in the total value booked on the platform, and the ability to generate passive income through multiple cryptocurrencies by running the dark node.
Google Pivot increases morale and solves RENvm benchmarking issues
On January 19, the REN team tweeted:
Clean researched and designed Asylodev, Google’s open and flexible framework. GCPCloud Covert Computing increases RenVM’s financial limitations by offering an unlimited scalability solution. #RenVM “.
Right after the tweet, the REN price began to rise to a new full-time high. As mentioned in the tweet, Asylo is Google’s open and flexible platform for building mobile applications running on Secure Enclave devices.
Secure Enclave devices allow users to run public applications in a secure environment where no one, including the user, can compromise the data and the app itself. This ensures a safer experience for all parties involved and helps protect against malicious code and backdoor attacks.
Asylo also lets you transfer your application from one type of device to another, which means that developers can relatively easily support multiple applications, including Intel applications, AMD applications, and other applications coming in the future. The diversity of options this provides is an important feature to ensure network decentralization.
Total closed cost has risen to new heights
Community participation and added value are key factors when it comes to the long-term success of a blockchain business.
Since the release of Pure Virtual Machine Mainnet (RenVM) in May 2020, participation in the platform has grown steadily as bitcoin holders have a different way of transferring BTC to Ethereum and the growing DeFi space.
As you can see from the chart below, the total value locked on the Ren platform reached a new full time of $ 653.6 million on January 20, with a total of 14,670 BTC unlocked on the platform to make your RMB
Total cost unlocked in RenVM. Source: DeFi Pulse
The list of assets supported by RenVM continues to grow with BTC, Bitcoin Cash (BCH), Zcash (ZEC), Filecoin (FIL), Terra (LUNA), Dogecoin (DOGE) and Digibyte (DGB) currently available for transactions on Ethereum. The blockchains Binance.
Development is currently underway to enable interoperability across Polkadot (DOT), Solana (SOL) and Cosmos (ATOM) networks, further enhancing the available interoperability.
Dark nodes, passive income and reduced supply
The third driving force behind the recent increase in REN prices is related to the use of the Ren token and how it can help users generate passive income. RenVM is a network of virtual machines that make up a virtual machine, also called Darknodes.
REN token holders wishing to manage the dark node must block 100,000 RENs so that they can process transactions on the network and receive commissions in the form of a token transaction. Therefore, the darknode player has the potential to generate passive income in the form of many different cryptocurrencies from one place.
As you can see in the diagram above, 17.13% of the total REN is currently connected to the platform and keeps the dark nodes running.
During the last completed cycle, the network as a whole earned $ 8,39,128 in commissions in the form of BTC, ZEC, FIL and BCH. The total network commission raised since the launch of RenVM is $ 2.975 million.
Continuous addition of new codes and interoperability with new blockchains are likely to increase network usage and increase accrued fees.