RenVM the cross chain assets project in the decentralized finance (DeFi) category launched its mainnet on May 27. The commercial users, developers and institutions can now bring multiple external assets to the Ethereum blockchain, to be used as ERC-20 standard tokens.
The RenVM can currently be used on RenBridge – the official service for minting and releasing BTC, BCH and ZEC as ERC-20. On Uniswap and 1inch, for trading renBTC and other Ren assets. The cross-chain asset interoperability pioneered by RenVM can be integrated to DApps using the RenJS, GatewayJS and RenVM ERC 20.
The RenVM mainnet is powered by nodes network called Darknodes. The nodes earn fees in BTC, BCH and ZEC, for powering RenVM. The minimum requirement to run a darknode is 100K Ren and some technical knowledge.
RenVM Impact On Decentralized Finance (DeFi)
The RenVM mainnet launch will bring the much needed cross-chain assets interoperability and integrations. It will securely and safely connect different blockchains. With the implementation, different external blockchain assets such as BTC, BCH and ZEC can be brought over to the Ethereum blockchain. These external blockchain assets can be used and traded as ERC 20 token, expanding the Ethereum asset classes and DeFi potential. It will also improve the collaboration between different crypto-assets and enhance their value proposition.
Ren is an open protocol that enables the cross-chain permissionless and private transfer of value between blockchains. It aims to transfer liquidity and functionality across the Decentralized Finance (DeFi) landscape. Ren Virtual Machine (RenVM) focuses on interoperability, scaling, integration with existing infrastructure, speed and security for large volume trades.