REN Makes Massive Surge In the DeFi Sector

One thing that always comes up when the decentralized finance sector is being mentioned is interoperability on the part of several protocols. Experts have seen this major feature as a major determinant in which coin or protocol would be the best beneficiary of any bull run happening in the sector.

With the decentralized finance sector experiencing massive surges and the massive increase in gas fees on the Ethereum blockchain, experts have pointed out that a layer 2 scaling solution is needed. This will enable several protocols making transactions across different networks for lesser fees than presently being paid. Ren is currently providing traders and investors with this option as the protocol can carry out transactions on several blockchains of top coins.

REN saw a bull run of 200% to make an all-time high

Ren has arguably had the best season since its debut in the decentralized finance sector as the token has been able to gather about 200% in value. The digital asset first made history as it moved from a low price of $0.25 to a region of around $0.78.

According to analysts, this massive jump was brought to life through the massive daily transaction volume of about $369, recorded by the protocol in one day. The major reasons that have been pointed out as the reasons behind the surge of REN is a previous announcement by the protocol where it mentioned its partnership with Google.

Others include the massive surge in its total value locked and its staking service, allowing members of the platform to earn in various digital assets. Fortune started to smile on the protocol after its recent tweet about its partnership with Google, with the digital asset seeing a massive jump to touch its all-time high. As a result of its partnership with Google, REN built a framework that would help upcoming designers and developers make applications named Asylo.

Google partnership and other factors acted as the pivot for the surge

The application built through the partnership of both parties was built on secure enclave hardware, making it easy for developers to test run their applications on a very secure network. This means that malicious actors would not compromise the data and all other sensitive materials while designing the application. Also, developers using Asylo would be able to move their applications through different hardware, which means their applications can be available on two or more hardware simultaneously.

This core feature makes the application diversified as developers would ensure that the network is open to various designs and applications. The platform’s engagement by several new members skyrocketed after the launch of the mainnet and has been a reason why the total value locked on the platform has steadily increased over the weeks.

Since the platform allows traders from both the Ethereum and Bitcoin network, they have seen a rapid increase in their total users. With the total Bitcoin on the platform now about 14,670, the total value locked in the platform has now moved to about $653.6 million.