renBTC

RENBTC Price

What is renBTC?

renBTC is a synthetic asset that represents the value of bitcoin and it is created by the Ren protocol. renBTC allows for bitcoin transfers to be conducted quicker on the Ethereum blockchain and opens up the possibility for bitcoin to be used in the Ethereum ecosystem. 

Bitcoin is held in custody by a network of decentralized nodes; it can be converted to renBTC and vice versa easily.

What is the Ren protocol?

Ren Protocol is a permissionless and trustless protocol that allows users to transfer tokens across different blockchains. The Ren protocol is powered by a network of computers called Darknodes, which helps facilitate user generated transactions. 

More specifically, Darknodes contribute their network bandwidth, computational power, and storage capacity to power the Ren protocol.

What are some benefits of renBTC?

renBTC helps transfer the value of bitcoin to the Ethereum network so that bitcoin holders can take advantage of the major decentralized finance (DeFi) applications that are currently limited to the Ethereum blockchain. 

Although there are other synthetic assets that help bridge the value of bitcoin to the Ethereum network such as WBTC, renBTC differentiates itself from WBTC through some of its features.

renBTC offers three main value propositions: it is trustless, no Know Your Customer (KYC) procedure is required, and assets are stored by decentralized custodians. When users mint renBTC, they are not required to reveal any personal information.

Instead of having a sole custodian to store users' bitcoin, it is securely stored within a network of Darknodes. The design of the system guarantees that users could confidently redeem their bitcoin or mint renBTC at all times. 

How to mint renBTC?

1. Visit RenBridge to start minting renBTC

2. Under the “Select asset” tab, select BTC. Currently, Ren protocol only supports Bitcoin, Zcash and Bitcoin Cash

3. Insert your Ethereum wallet address in the “Destination wallet” tab

4. Review details and confirm transaction

5. Send your bitcoin to the wallet address given

6. After 6 block confirmations, your bitcoin will be converted to renBTC and it will be automatically transferred to your Ethereum wallet address.

What are other ways to acquire renBTC?

Besides directly minting renBTC, users may also purchase renBTC from any decentralized exchange such as Curve, Uniswap, or SushiSwap.

Where can you buy renBTC?

RENBTC tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade renBTC is Curve (Ethereum), where the most active trading pair RENBTC/WBTC has a trading volume of $1,117.27 in the last 24 hours. Other popular options include Balancer V2 (Polygon) and Sushiswap.

What is the daily trading volume of renBTC (RENBTC)?

The trading volume of renBTC (RENBTC) is $9,013.58 in the last 24 hours, representing a 4.20% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for renBTC (RENBTC)?

renBTC (RENBTC) reached an all-time high of $102,983 and an all-time low of $2,235.69. It’s now trading -84.20% below that peak and 625.70% above its lowest price.

What is the market cap of renBTC (RENBTC)?

Market capitalization of renBTC (RENBTC) is $4,900,046 and is ranked #- on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of RENBTC tokens (300 tokens are tradable on the market today).

What is the fully diluted valuation of renBTC (RENBTC)?

The fully diluted valuation (FDV) of renBTC (RENBTC) is $4,900,046. This is a statistical representation of the maximum market cap, assuming total number of 300 ETH tokens are in circulation today.

How does the price performance of renBTC compare against its peers?

With a price decline of -5.60% in the last 7 days, renBTC (RENBTC) is underperforming the global cryptocurrency market which is down -1.90%, while underperforming when compared to similar Decentralized Finance (DeFi) cryptocurrencies which are up 6.20%.

How to add renBTC (RENBTC) to MetaMask?

Adding renBTC (RENBTC) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import RENBTC as a token. You can copy RENBTC’s contract address (0xeb4c2781e4eba804ce9a9803c67d0893436bb27d) and import it manually, or if you've installed MetaMask's chrome extension, add RENBTC to MetaMask with one click on CoinGecko.

Add RENBTC to MetaMask.