Ren Project (REN) Monthly Report November 2020
Ren is starting its eighth epoch today. Going forward, we will be releasing our Ren Monthly Reports according to the 28-day epoch cycle.
During the last epoch, the Total Value Locked (TVL) reached its all-time high (ATH) on October 22 at ~$334M. Today the TVL sits at ~$306M, a 4.3% increase from our latest report on October 12 ($298M).
The protocol token REN has been moving sideways after its rapid 2x climb at the beginning of October and since then has been trading between $0.30 to $0.35. Today REN is being traded at $0.31.
Recent News
In the past 30 days, news around Ren have mainly been related to tech updates and to a lesser extent around ecosystem additions.
The Ren development team has been working on cross-chain interoperability with Polkadot and Solana, a wallet for Multichain, and the next version of RenVM. We will break down these points below.
Cross-chain Interoperability
The Ren team has demonstrated cross-chain interoperability with the Acala testnet, a cross-chain DeFi hub built on Polkadot. The Acala mainnet is scheduled to launch in Q1 2021.
Additionally, the team also demonstrated a proof-of-concept with Solana leading to a concrete execution model that supports every RenVM needs.
Multiwallet
The team has developed a new front-end library that allows developers to use one single unified library to interact with multiple wallets across multiple chains.
RenVM
The next version of RenVM has been deployed to mainnet as a private release candidate enabling final tests on mainnet aiming for a mid-November release.
Network Highlights
A breakdown of network statistics and highlights below.
RenVM
Total Volume Transaction (TVT) via RenVM has surpassed the $1B mark on October 17 and is about $1.22B as of today.
The total value of all digital assets currently minted on Ethereum by RenVM (Total Value Locked, TVL) is about $306M.
Darknodes
As of today, 13.8% percent of REN’s circulating supply is bonded to run darknodes. An increase of 4% bonded since our last report on October 12.
The amount of darknodes contributing to the Ren Network has increased from 1325 to 1380 for this epoch. 83 darknodes will be added when the next epoch starts today.
In the last two epochs, rewards of $367,855.12 have been distributed among 1325 contributing darknodes, respectively $381,654.97 has been distributed among 1380 contributing darknodes. This equates to an almost identical average of ~$277 per node per month.
While we have seen exponential growth in reward payouts (in USD value) in the first four epochs since mainnet launch, rewards have been almost identical for the last three epochs.
When looking at the individual assets distributed as rewards we can see a decline in the absolute amounts of BTC being distributed to nodes for matching transactions mainly caused by the liquidity mining hype and therefore the need of bringing Bitcoin to Ethereum slowing down.
Integrators
There have been no significant additions to Ren integrators with Curve Finance and RenBridge being responsible for ~99% of the volume on the Ren Network.
Curve Finance, a decentralized exchange for stablecoins, has processed $651.0M (~53.2%) of transaction volume since mainnet launch.
RenBridge, a dApp developed by the Ren team to mint and burn native asset tokens onto the Ren Protocol, has processed $564.5M (~46.1%) of transaction volume since mainnet launch.
Find live data on all network stats in Ren’s mainnet portal here.
Token Metrics
Token Holders
There are currently 25,083 REN token holders.
Token Price
We have seen little price action since the middle of October with the REN token trading sideways between $0.30 to $0.35 since then.
Ren Multisig Wallet
No REN has been transferred out of the team’s multisig wallet for more than 50 days.
Release Schedule
Currently, around 91% of REN protocol tokens are unlocked, including all private & public sale tokens (in Feb 2018) as well as team tokens (the last vesting ended in Feb 2020). The remaining 9% is the company’s reserve tokens, to be released at a “yet-to-be-determined” future date.
In / Out Of The Money
58.02% of REN token holders are still in the money. This indicates that a majority of wallets last moved their REN tokens when the price was lower, therefore are in profit since acquiring the token. In comparison, in our last article, this number was 72.56% when REN was trading at $0.40.
Bull vs Bear
Bull
Already mentioned as an outlook last month, the mid-November RenVM release will bring support for multiple additional assets to move to Ethereum and Binance Smart Chain.
These new coin bridges will bring additional revenue sources to the RenVM nodes and further exposure to the REN token to these large communities. The focused roadmap on expanding Ren’s reach across the crypto ecosystem will make Ren one of the most “connected” projects, and this flow of partnerships may bring new buyers to the REN token; further pushing the price up.
Bear
Even though we have seen a lot of DeFi projects recover and rally this month (i.e. YFI and SNX), there has been barely very little price action for the REN token.
While the mid-November RenVM release will bring support for multiple additional assets to move to Ethereum and Binance Smart Chain, the case can be made that any other use case than moving BTC to Ethereum has a negligible impact in reality.
The opinions expressed during the Bull vs Bear series are solely those of the individuals involved and do not necessarily represent those of Multi.io and its employees. The goal is to present a view from both sides of the market.
Upcoming News & Events
As pointed out earlier, Ren’s mid-November release is something to look out for.
The RenVM update will enable users to move BCH, BTC, DGB, DOGE, FIL, LUNA, and ZEC to Binance Smart Chain and DGB, DOGE, FIL, and LUNA to Ethereum.
The Ren team also gave an outlook for early 2021 to be working bridges to move renBTC and native Ethereum assets to Binance Smart Chain and vice versa.
Information & Data Sources
Ren Mainnet Portal — Dashboard providing network statistics and metrics.
Ren Open-Source Roadmap — The Ren open-source roadmap is available on their GitHub.
Ren Medium Publication — Follow Ren Project on Medium for the roadmap and ecosystem updates.
Ren Roadmap — Roadmap and technical milestones for Ren Protocol.
