REN rallies 605 and hit an all-time high after the recent integration with the Binance Smart Chain as we can see in today’s Altcoin news.
REN rallies 60% as it underwent a strong breakout with the interoperability-focused protocol garnering continued accumulation from the whale wallets that hold more than 1 million REN. The data from Tradingview shows that REN increased from $0.99 to establish a new all-time high of $1.84 a day ago. The move to the new high occurred when REN’s trading volume reached $704 million in the past 24-hours.
The attention for the protocol received an uptick at the end of January when it was announced that DOGE will get integrated with REN and will enable the trading of renDOGE in the growing DeFi ecosystem. Since that time the REN ecosystem continued expanding as a top-tier project with the likes of Filecoin, it underwent a transformation to become renFIL that is now considered for addition to the AAve ecosystem.
REN was trading at $0.94 before it was announced that REN Bridge 2 was live and integrated with the Binance Smart Chain so the trading volume increased since then as well as the total value locked in the RenVM. The data shows a bullish outlook for REN before the recent price rise. As it can be seen in the charts, the recent integration with BSC brought renewed attention to REN which was hampered down by high transaction costs on the ETH network. With decentralized finance heating up, the interoperability between these blockchain networks is becoming important for a well-functioning market and REN is emerging as the key element in the interaction.
Speaking on the Binance Smart chain, The total transaction volume on the Binance Smart Chain since the start of February reached $24 billion and at this rate, BSC could become the number one blockchain in regards to the transaction volume as the researchers noted. One single decentralized application is responsible for the growth and it is Venus. The Binance Smart Chain rivals Ethereum on some key network numbers but as per DappRadar’s reports it all depended on one single application. The total transaction volume on BSC hit $15 billion which is considerably compared to the past months.
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