Ren token (REN) is one of the most popular cryptocurrencies in the crypto market (having more than 16,000 cryptocurrencies) currently. In terms of market cap, it is currently the 137th largest digital currency (over US$498.14 million in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through the Ren token, how it works, and many more.
Ren (REN), an open protocol, provides interoperability as well as liquidity between different blockchain platforms. This protocol was earlier called Republic Protocol REN. In May 2020, a virtual machine mainnet known as RenVM was launched by Ren. The Ren project raised US$34 million through an ICO (Initial Coin Offering) in 2018. Taiyang Zhang is the co-founder and CEO of the Ren protocol.
REN token is the native protocol of this project. It works as a bond for those who run nodes (called Darknodes), powering the RenVM virtual machine. The Ren open protocol aims to remove hurdles involved in liquidity between blockchains and thereby wants to expand the interoperability and accessibility of DeFi (decentralized finance).
Ren, a complex platform, has many use cases. It can be used as a plug-in so that foreign cryptocurrency assets can be brought in by DeFi projects (including BTC and ZEC) to their offerings. No middle step is needed here for swapping any token between two blockchains. That’s why it is considered better than the “wrapped token” versions including WBTC (Wrapped Bitcoin) and WETH (Wrapped Ethereum).
The Ren protocol charges a wide range of fees. However, the proceeds are not used for increasing profitability. They are used to pay the miners. As the REN token is an ERC-20 token, it attracts varying gas fees for powering transactions.
RenVM virtual machine is a byzantine fault-tolerant protocol. It helps to:
The ECDSA private keys on multiple blockchains are secured by RenVM. That’s how interoperability takes place smoothly. This network is in the sub-zero subphase towards decentralization currently.
All these facts and figures (as of January 6, 2021) will help you to make a decision on investing in the Ren token. Before making Ren token transactions, check out these facts and figures associated with this cryptocurrency of choice:
If you check the REN price chart and price history, you’ll find that since its launch, the price of REN has in fact increased by +525.38%. Since its all-time low, it has bounced back by +3131.14%. From its ATH, the current REN price is still -72.63% down. So, before buying Ren tokens, you should check the fundamental and technical factors.
Always check out REN markets, the ways to earn Ren tokens, market data, key metrics, comparison tools, and technical price analysis, top cryptocurrency price, price change over time, and cryptocurrency news before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins, know the ways of buying cryptocurrencies, and how to earn crypto easily.
You can buy Ren tokens in almost all reputed cryptocurrency exchanges including:
You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange.
The most popular price pairs of REN are:
Before investing, check out REN history and its historical data, crypto news, Ren token price charts, price performance, market updates, REN to USD (United States Dollar) exchange rate, the value of Ren token, the Bitcoin price trend (as REN is one of the hard forks of the original Bitcoin token), trading fees, and others.
The best Ren token cryptocurrency wallets to store REN coins are:
You can buy and sell REN and other virtual currencies against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Ren token markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility.
If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit.
You can also diversify your crypto coin portfolio by including other digital assets such as REN, XMR, FIL, ETC, WBTC, BCH, BTC ETH, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Dogecoin price, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others.
Also check whether you can exchange Ren tokens with the fiat currencies of other countries such as South Africa, Saudi Arabia, the Republic of the Congo, United Arab Emirates, United Kingdom, South Korea, and other countries.
Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. You can also increase your income through yield farming, using Telegram bots and other automated trading bots, and many more.
Whether you are a professional or retail investor, you can expose your capital to a diversified portfolio of digital assets & crypto asset classes by simply investing in NapBots. It is a smart crypto index service that introduces multifarious features and passive portfolio management strategies for enabling cryptocurrency investors to streamline their trading experience in new ways.
NapBots provides you with various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.
The best part of NapBots is that it tracks and executes trades automatically on the basis of your pre-set choices of indexes. The platform is very affordable as it enables you to start trading as low as US$150 with a monthly service fee of just 2.5%, which is far below the current rate of other cryptocurrency index providers. Therefore, NapBots reduces the financial barriers and at the same time eliminates the need for human intervention and the consequent human error.
Get started with crypto-asset investing by investing through napbots.com, a dynamic crypto index for expanding diversified exposure to bitcoin and leading Crypto-assets at reduced financial barriers and no human error.