The reason why $REN dumped last week (and where we are now)
One of DeFi’s most notable projects, Ren Protocol (and their native token) clocked in yet another week of impressive growth, as demand for tokenized Bitcoin on Ethereum continues to surge.
Between August 15-18, the amount of value locked in RenVM has more than doubled - leaping from $59m to $172m - cementing REN as the second most popular method of porting Bitcoin to the Ethereum blockchain (behind wrapped BTC):
In fact, according to multiple sources renBTC now accounts for ~20% of the total supply of Bitcoin ported to the Ethereum network.
Unsurprisingly, REN’s price action was quick to reflect the underlying protocol’s growing celebrity, gaining more than 84% over those 3 days and peaking at a new all-time high $0.55 on August 18th:
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