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Ren Just Had a Great Week as Demand for Bitcoin on DeFi Rises
Prices for ren, the token for the RenVM DeFi network, experienced a great week, as the demand for bitcoin rises on DeFi.
Prices for ren, the token for the RenVM DeFi network, surged by more than 100% over the past week. That’s because the total amount of renBTC, a tokenized bitcoin that is locked in RenVM, broke 10,000 on Monday, according to data collected by DeFi Pulse.
STORY CONTINUES BELOW
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- The total value locked in RenVM jumped to more than $174 million on Monday from approximately $59.9 million a week earlier.
- There is a growing demand for having bitcoin (BTC) on the Ethereum blockchain as it is increasingly used in decentralized finance (DeFI).
- As reported by CoinDesk previously, RenVM holds a cryptocurrency and mints a representation of that crypto as an ERC-20 token (renBTC, for instance) for use on Ethereum.
- Data from Dune Analytics shows more than 40,000 bitcoin have been tokenized on Ethereum. About 21.7% of that amount was minted by renBTC, making it second behind wrapped bitcoin (WBTC) in the market.
- The recent popularity of tokenized bitcoin indicates a rising demand to use bitcoin in the white-hot Ethereum-based DeFi applications.
- “Bitcoin is now an undeniable part of DeFi, with $420 million of BTC on Ethereum in one form or another,” Loong Wang, chief technical officer of Ren, tweeted on Aug. 15.
Muyao Shen
Muyao was a markets reporter at CoinDesk based in Brooklyn, New York. She interned at CoinDesk in 2018 after the initial coin offering (ICO) craze before she moved to Euromoney Institutional Investor, one of Europe's largest business and financial information companies. She graduated from Columbia University Graduate School of Journalism with a focus in business journalism.
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