The digital asset portal Coin Bureau says one cryptocurrency is buying and selling nicely beneath its truthful worth relative to different tokens in decentralized finance (DeFi).
In a brand new video for his 497,000 YouTube subscribers, the pseudonymous host of Coin Bureau says Ren is at the moment one of many “most underrated and undervalued cryptocurrencies in the marketplace” regardless of the protocol inserting itself within the “good place to be the interoperability layer of the cryptocurrency area.”
Ren is a cross-chain liquidity protocol that basically permits non-Ethereum belongings, similar to Bitcoin, to be utilized on the Ethereum blockchain through 1:1 backed ERC20 tokens.
“Ren is likely one of the few cryptocurrency initiatives that’s been tackling interoperability head-on. The market cap of Ren’s wrapped Bitcoin token on Ethereum (renBTC) has grown to over $1 billion over the previous couple of months. And the Ren protocol has expanded to help different chains…”
The cryptocurrency educator provides that Ren is constant so as to add help for extra blockchain ecosystems and is being listed on a significant change.
He anticipates that platform will proceed increasing, and acquire partnerships with the Serum decentralized change (DEX) and decentralized finance-to-real world bridge OpenDAO.
“Ren can even be supporting the Avalanche blockchain. Ren additionally introduced that that they had partnered with MyEtherWallet to make it doable to mint renBTC utilizing BTC within the MyEtherWallet cell app.
In January this yr, Ren formally made it doable to make use of Dogecoin on Ethereum as renDOGE. Ren’s integration with openDAO additionally makes it doable to mint dollar-pegged steady cash utilizing renDOGE as collateral… Ren will quickly be supporting the Solana blockchain and also will be integrating with the Serum DEX.”
Although the cryptocurrency educator is sort of bullish on Ren, he highlights that his greatest concern with the asset is its lack of decentralization.
The pseudonymous analyst reveals that 2% of his cryptocurrency portfolio is invested within the token.
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