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A week after its competitor tBTC faltered, Ren Protocol’s much-awaited mainnet on Ethereum is finally live. The protocol brings Bitcoin and other cryptocurrencies to Ethereum in a non-custodial manner.
Ren Protocol’s Much Awaited Launch
Focused on cross-chain interoperability, Ren Protocol allows users to tokenize Bitcoin, Bitcoin Cash, or Zcash on Ethereum. If Ren functions as expected, DeFi could soon see non-custodial, tokenized versions of mainstream cryptocurrencies used as collateral on Ethereum’s DeFi stack.
Now that Ren’s mainnet is live, anybody with 100,000 REN ($10,620), a CPU, and technical knowledge can run a node on the network and earn rewards by keeping deposited assets – like BTC and BCH – free from theft.
Ren Protocol’s mainnet has been launched along with integrations on Uniswap and 1inch Exchange. Users can swap ETH or an ERC-20 asset for RenBTC on either of the two. The protocol’s native RenBridge gives users another option: directly swap BTC for RenBTC.
Ren Protocol’s launch could be a catalyst for DeFi to cast a wider net, rather than being an Ethereum specific niche. Interoperability has long been touted as a necessity to advance harmony between the various public blockchains.
While the launch of RenVM doesn’t solve all the inherent problems, it marks the beginning of more far-reaching solutions.