REN price gains 65% after Catalog launch brings a cross-chain DEX to its blockchain

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Decentralized finance initiatives like Ren pumped in 2021, solely to complete the yr proper again the place they began as excessive charges on Ethereum (ETH) led to decreased exercise for a lot of protocols and DeFi took a backseat to extra widespread sectors like nonfungible tokens (NFTs). 

Now, it seems as if that downtrend is within the means of reversing course after latest world occasions highlighted the advantages of DeFi and holding belongings outdoors the normal monetary system. This week REN value climbed 69% from a low of $0.247 on Feb. 24 to a every day excessive of $0.418 on March 3.

REN/USDT 4-hour chart. Supply: TradingView

Three causes for the potential value reversal in REN are the launch of its first layer-one software Catalog, the launch of VarenX on Polygon and a number of other new partnerships and integrations for REN and the Ren Digital Machine (RenVM).

Catalog launches

The most important growth to return out of the REN undertaking currently was the discharge of Catalog, the primary software constructed on the Ren blockchain.

Catalog is a “Metaversal” change in response to Ren and is designed to be a safe cross-chain decentralized change (DEX) with built-in liquidity mechanisms that permit customers to swap belongings throughout widespread networks at a minimal price.

The liquidity mechanism for Catalog will faucet into native asset swimming pools in addition to liquidity throughout third-party DEXes, which means that Ren will be capable of assist a big selection of initiatives with out worrying about liquidity constraints.

Different options of Catalog embody zero fuel charges and low, flat-rate buying and selling charges, the power to earn passive revenue on crypto held in a Catalog account without having to stake or take part in liquidity swimming pools and future plans so as to add the power to hyperlink a checking account for straightforward deposits and withdrawals.

VarenX launches on Polygon

A second growth boosting the momentum for REN was the combination of its VarenX DeFi hub on the Polygon community.

Up thus far, VarenX has solely operated on the Ethereum community, making it tough for VarenX to realize traction.

The low price nature of Polygon has enabled VarenX to supply gasless transactions by means of its “FreeWei” characteristic which fronts the fuel prices for customers, permitting them to conduct cross-chain free of charge.

Associated: REN price at risk of 50% drop after a bearish trading pattern shows up

Partnerships and integrations

A 3rd issue serving to to spice up the outlook for Ren has been a sequence of partnerships and integrations which have helped to strengthen its cross-chain ties.

Most just lately, Ren partnered with Kava to hitch the Kava Pioneer program, which can see the RenVM deployed on the Kava Community Ethereum co-chain on March 8.

Different notable developments embody a partnership with DappBack, a renBTC integration with Vesta Finance and the itemizing of REN on the Voyager app and change.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for REN on Feb. 25, previous to the latest value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. REN value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for REN climbed into the inexperienced zone on Feb. 25 and reached a excessive of 81 round 56 hours earlier than the value elevated 35.8% over the following three days.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your individual analysis when making a call.