REN Coin is the native token of the REN project, which serves as a connector for Darknodes supporting RenVM. REN aims to remove liquidity barriers between different blockchains, increasing the accessibility and interoperability of decentralized finance (DeFi).
Formerly known as Republic Protocol, Ren completed a $34 million ICO in 2018 and launched the RenVM virtual machine in May 2020.
REN is a token used in the secure Multi-Party Computation (sMPC) for operating Darknodes. Each Darknode registration and operation requires a staking of 100,000 REN coins, preventing the mass creation of malicious Darknodes.
Darknode operators earn rewards for their contributions in BTC, ETH, ZEC, DAI, and ERC-20 tokens. Additionally, RenVM is a virtual machine protocol that enhances interoperability among decentralized applications and enables cross-chain lending, swapping, collateralization, and more.
RenVM is recognized as a scalable cross-chain interoperability solution and the only solution that allows for secret computations between multiple inputs and parties. Essentially, RenVM is an aid for developers to add cross-chain functionality to DeFi applications.
Furthermore, RenVM increases the usability of DeFi by enabling seamless and permissionless value exchange between blockchains, adding more liquid assets to the Ethereum ecosystem. As an independent and decentralized solution, RenVM provides a frictionless cross-chain user experience for DeFi applications.