Interoperability for DeFi has arrived, unleashing billions of dollars in crypto assets into the Ethereum ecosystem.
Ren, the open protocol that enables the permissionless and private transfer of value between any blockchain, announced that its core product, RenVM, is now live on mainnet. RenVM is the only decentralized finance (DeFi) project designed to bring cross-chain assets to the Ethereum ecosystem, beginning with BTC, BCH, and ZEC. By removing liquidity silos that have long hindered DeFi’s growth potential, RenVM will serve as a robust and permissionless tool for all of DeFi to utilize.
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“Successfully launching RenVM’s mainnet is a critical step in our long-term mission of creating a decentralized platform for DeFi that is self-sustaining and advances the industry as a whole,” said Taiyang Zhang, CEO and co-founder of Ren. “Generic interoperability has been a thorn in DeFi’s side, and we’re thrilled that RenVM is now solving this problem by enabling cross-chain liquidity to crypto investors everywhere.”
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Ren, which raised over $33 million in 2018 from leading venture capital funds and investors, is releasing RenVM with the support of its newly formed Ren Alliance, a consortium of 50+ organizations helping to secure, develop, and utilize RenVM. Together, members of the Ren Alliance – which includes dapps, decentralized exchanges, institutional investors, and other DeFi projects – represent tens of thousands of network participants who can now use RenVM to access cross-chain liquidity and earn a passive yield on their crypto.
“In a next-generation financial system where cryptocurrencies are mainstream, blockchains must enable cross-chain value transfer across their respective protocols, and Ren is setting out to provide this catch-all utility,” said Loong Wang, CTO and co-founder of Ren. “Our goal is for RenVM to function as a bridge between not only Bitcoin and Ethereum, but any imaginable pair of blockchain-based tokens, including stablecoins like Libra and China’s digital yuan.”
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