Republic Protocol price
REN
REN

Republic Protocol price

$0.048900
-$0.00021
(-0.43%)
Price change from 00:00 UTC until now
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USD
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24h
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Republic Protocol market information

Market cap
$48.88M
Circulating supply
1,000,000,000 REN
Market cap ranking
202
24h high
$0.051430
24h low
$0.048520
All-time high
$1.8400

REN calculator

USDUSD
RENREN
Our current rate
1 REN ≈ $0.048900

Republic Protocol price performance in USD

The current price of Republic Protocol is $0.048900. Since 00:00 UTC, Republic Protocol has decreased by -0.43%. It currently has a circulating supply of 1,000,000,000 REN and a maximum supply of 0 REN, giving it a fully diluted market cap of $48.88M. At present, Republic Protocol holds the 202 position in market cap rankings. The Republic Protocol/USD price is updated in real-time.
Today
-$0.00021
-0.43%
7 days
$0.00088000
+1.83%
30 days
$0.0013000
+2.73%
3 months
-$0.01700
-25.80%

About Republic Protocol (REN)

2.9/5
TokenInsight
2.9
11/28/2022
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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While Ethereum has played a crucial role in the cryptocurrency space, it had one limitation - the inability to share its utility with other blockchains. To address this issue, Ren (REN) was introduced, aiming to unlock asset and chain interoperability for the decentralized finance (DeFi) ecosystem on Ethereum. By enabling seamless interactions between different blockchains, Ren enhances the versatility and efficiency of DeFi applications, opening up new possibilities for decentralized finance.

What is Ren?

Ren is an open protocol that fosters interoperability and liquidity between various blockchain networks. Previously known as Republic Protocol, Ren was among the pioneering protocols to function as a bridge, enabling the seamless transfer of digital assets between different blockchains.

By serving as a bridge, Ren aims to extend the accessibility of Ethereum's diverse DeFi ecosystem to blockchains such as Bitcoin, which may lack similar interoperability features. For instance, when users lock Bitcoin (BTC) or Bitcoin Cash (BCH), Ren Protocol mints equivalent ERC-20 tokens called renBTC and renBCH, which can be utilized within Ethereum's DeFi protocols.

Ren eliminates the need for complex intermediary steps, such as using "wrapped" versions of tokens, to transfer assets across blockchains, thereby simplifying and enhancing cross-chain functionality.

The Ren team

The Ren protocol was founded in 2017 by software developers Taiyang Zhang and Loong Wang. Since then, the Ren team has expanded to include a diverse group of developers, engineers, managers, and advisors contributing to the project's ongoing development and success.

How does Ren work? 

Ren is an advanced protocol that facilitates the movement of digital assets across different blockchains through a multi-chain bridge. Its robust infrastructure is built on critical components, which include:

RenVM

The Ren Virtual Machine (RenVM) is a network of decentralized machines known as "Darknodes" that power the protocol. RenVM acts as a trustless custodian, enabling the creation of RenBTC for every BTC locked up on the network.

Darknodes

Darknodes operate similarly to miners on the Bitcoin network but in a Proof of Stake (PoS) manner. To run a Darknode, an operator must stake a minimum of 100,000 REN and operate a Virtual Private Server (VPS).

Shamir’s Secret Sharing

This is a highly efficient sharing algorithm used on the blockchain. It involves distributing tokens to participants in a group to achieve consensus without requiring all parties to reveal the secret during the process.

REN tokenomics

REN is an ERC-20 standard token with a fixed market cap of 1,000,000,000 REN, and all tokens are in circulation. Approximately 84.3 percent of the circulating supply is held by the top 100 REN wallet addresses.

REN use cases 

REN, the utility token within the Ren Protocol ecosystem, serves a broad spectrum of functions. Its primary role is facilitating the bridging of tokens into DeFi. For instance, REN tokens can be converted into RenBTC, an ERC-20 token, enabling access to the Ethereum blockchain. This novel feature empowers users to leverage Ethereum's capabilities, including smart contracts, utilizing their Bitcoin holdings. This mechanism also extends to incompatible tokens, such as ZCash, which can be transformed into RenZEC.

Moreover, REN token holders can engage as Darknodes by staking their tokens. To register, users need to commit a minimum of 100,000 REN tokens. In exchange for this commitment, they receive rewards for contributing to the network's security and integrity.

Distribution of REN

The distribution of REN tokens is as follows:

  • 60.2 percent was sold during the REN presale in 2018.
  • 19.9 percent of tokens are allocated to the reserve fund.
  • 10 percent of REN is for partnerships.
  • 9.9 percent of tokens are reserved for the REN team. 

Ren: the road ahead

Ren is currently building a second version of its decentralized protocol that will be more efficient and secure than Ren 1.0. With Ren 2.0 set to be fully compatible with Ethereum Virtual Machine (EVM). Its primary advancements will be decentralization and security but implementing an improved MPC algorithm thats more scalable, supports more signing schemes — called Flexible Round-Optimized Schnorr Threshold (FROST) — and has an optimized tokenomics which focuses on providing more incentives to its users. All of these improvements and developments set Ren up for a great return. 

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REN FAQ

What makes Ren unique?

The Ren protocol is unique because it’s one of the first projects to use advanced cryptography and algorithms to facilitate the transfer of digital assets between blockchains which provides certain coins and tokens with additional ultiltiy. 

What happened to the Ren Protocol?

In February 2022, Ren Protocol was acquired by Alameda Research – a sister firm to FTX, the exchange that collapsed. The launch of Ren 2.0 will make the project community owned.

Where can I buy and store REN?

Easily buy REN tokens on the OKX TR cryptocurrency platform. Available trading pairs in the OKX TR spot trading terminal include REN/USDT. You can also swap your existing cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), for REN with zero fees and no price slippage by using OKX TR Convert.

OKX TR provides a highly secure and multi-chain OKX TR Web3 Wallet with all OKX TR accounts. It can safely store REN or any other cryptocurrency for as long as needed. In addition, the OKX TR Web3 Wallet features bank-grade security and inbuilt access to hundreds of decentralized applications (DApps) and the OKX TR NFT Marketplace.

How much is Republic Protocol worth today?
Currently, one Republic Protocol is worth $0.048900. For answers and insight into Republic Protocol's price action, you're in the right place. Explore the latest Republic Protocol charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as Republic Protocol, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Republic Protocol have been created as well.

REN calculator

USDUSD
RENREN
Our current rate
1 REN ≈ $0.048900