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

Decentralized concern projects similar Ren pumped successful 2021, lone to decorativeness the twelvemonth close backmost erstwhile they started arsenic precocious fees connected Ethereum (ETH) led to decreased enactment for galore protocols and DeFi took a backseat to much fashionable sectors similar nonfungible tokens (NFTs). 

Now, it appears arsenic though that downtrend is successful the process of reversing people aft caller planetary events highlighted the benefits of DeFi and holding assets extracurricular the accepted fiscal system. This week REN terms climbed 69% from a debased of $0.247 connected Feb. 24 to a regular precocious of $0.418 connected March 3.

REN/USDT 4-hour chart. Source: TradingView

Three reasons for the imaginable terms reversal successful REN see the motorboat of its archetypal layer-one exertion Catalog, the motorboat of VarenX connected Polygon and respective caller partnerships and integrations for REN and the Ren Virtual Machine (RenVM).

Catalog launches

The biggest improvement to travel retired of the REN task lately was the merchandise of Catalog, the archetypal exertion built connected the Ren blockchain.

— Ren (@renprotocol) February 26, 2022

Catalog is simply a “Metaversal” speech according to Ren and is designed to beryllium a unafraid cross-chain decentralized speech (DEX) with built-in liquidity mechanisms that let users to swap assets crossed fashionable networks astatine a minimal cost.

The liquidity mechanics for Catalog volition pat into autochthonal plus pools arsenic good arsenic liquidity crossed third-party DEXes meaning that Ren volition beryllium capable to enactment a wide array of projects without worrying astir liquidity constraints.

Other features of Catalog see zero state fees and low, flat-rate trading fees, the quality to gain passive income connected crypto held successful a Catalog relationship without needing to involvement oregon enactment successful liquidity pools and aboriginal plans to adhd the quality to nexus a slope relationship for casual deposits and withdrawals.

VarenX launches connected Polygon

A 2nd improvement boosting the momentum for REN was the integration of its VarenX DeFi hub connected the Polygon network.

— Ren (@renprotocol) February 25, 2022

Up to this point, VarenX has lone operated connected the Ethereum network, making it hard for VarenX to summation traction.

The debased interest quality of Polygon has enabled VarenX to connection gasless transactions done its ‘FreeWei’ diagnostic which fronts the state costs for users, allowing them to behaviour cross-chain for free.

Related: REN terms astatine hazard of 50% driblet aft a bearish trading signifier shows up

Partnerships and integrations

A 3rd origin helping to boost the outlook for Ren has been a bid of partnerships and integrations that person helped to fortify its cross-chain ties.

Most recently, Ren partnered with Kava to articulation the Kava Pioneer programme which volition spot the RenVM deployed connected the Kava Network Ethereum co-chain connected March 8.

— Kava Network (@kava_platform) March 3, 2022

Other notable developments see a concern with DappBack, a renBTC integration with Vesta Finance and the listing of REN connected the Voyager app and exchange.

VORTECS™ information from Cointelegraph Markets Pro began to observe a bullish outlook for REN connected Feb. 25, anterior to the caller terms rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic examination of humanities and existent marketplace conditions derived from a operation of information points including marketplace sentiment, trading volume, caller terms movements and Twitter activity.

VORTECS™ Score (green) vs. REN price. Source: Cointelegraph Markets Pro

As seen successful the illustration above, the VORTECS™ Score for REN climbed into the greenish portion connected Feb. 25 and reached a precocious of 81 astir 56 hours earlier the terms accrued 35.8% implicit the adjacent 3 days.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.