What is Ren Protocol (REN)?

Ren or REN (REN/USDT – Trade it here) is a protocol that supports digital assets transfer among different blockchains and creates Ethereum-based tokens. The Ren Virtual Machine (RenVM) powers the protocol. The RenVM is supported by a decentralized network called “Darknodes”. To earn fees from processes, these machines provide the virtual machine with computational power and storage space, facilitating transactions across blockchains. This article will explain more about the features of this protocol plus a step-by-step REN buying instruction.

Ren Protocol (REN) Logo - find it on MEXC!
Ren Protocol (REN) Logo

Core Features of Ren Protocol

  • DarkNodes. Its mission is to maintain the RenVM. Anyone can operate a DarkNode as long as they store a sufficient quantity of REN tokens in smart contracts. By providing the network with bandwidth, processing power, and storage space, DarkNodes support the RenVM and enable users to transfer cryptocurrency assets between blockchains.
  • RenBridges. In terms of the swapping process, RenVM accepts tokens from one blockchain and generates new tokens on another through RenBridge to exchange assets between blockchains. For instance, a user send BTC to the RenVM, and the RenVM will issue “renBTC”, a new Ethereum-based currency that reflects the original Bitcoins (1:1 value). Whenever the user would like to get their BTC back, the transaction can bee undone since the RenVM stores the initial funds.

How many REN tokens are out there?

The REN token is a ERC-20 standard token and has a 1 billion supply in total. The following is the token distributions:

  • A total of 60.2% of the shares were sold during the presale and main sales period.
  • 19.9% serve as a reserve.
  • The founders, team, and advisers own 9.9% of the shares.
  • 5% were reserved for early partnerships.
  • Lastly, 5% contributes to community maintenance, growth and partners.

How to buy REN?

You can buy REN tokens on MEXC. Please follow the procedures below:

  1. Enter your MEXC account credentials or register, then select [Trade]. Select [Spot].
  2. To view the trading pairs that are accessible, type “REN” into the search field. Use REN/USDT as an example.
  3. Go to the [Spot] box by scrolling down. Enter the quantity of token you wish to purchase. Open a Limit order, a Market order, or a Stop-limit order, as you would like to. Use a market order as an illustration. Confirm your order by clicking [Buy REN]. The tokens that you bought is located in your Spot Wallet.

Recent Token Price & Performance

REN reached the highest price (ATH) of 1.82754 USDT on February 19th, 2021. The lowest price since the date of ATH was 0.08114 USDT on June 13th, 2022.

History and Founders of The Protocol

Established in 2017 by software developers Taiyang Zhang and Loong Wang. In 2019, the platform’s prior name, Republic Protocol, was changed to Ren. At Alameda Research, Taiyang is now a venture partner. As a founding member of KeeperDAO and an advisor at Ren, Taiyang Zhang presently occupies two responsibilities.

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