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RENBTC is an ERC-20 token developed for the Ethereum blockchain. It is minted by the Ren Protocol and its value is pegged 1:1 to the value of Bitcoin (BTC). Outlined on Ren’s website, the Ren protocol (previously known as Republic Protocol) enables the permissionless and trustless transfer of value between blockchains. RENBTC is the decentralised finance (DeFi) version of WBTC (Wrapped Bitcoin) and was created to bring BTC across to Ethereum based decentralised applications (dApps). Any dApp on Ethereum can use the Ren interoperability layer in smart contracts to allow for functionality. Currently, Ren supports the transfer of Bitcoin (BTC), Bitcoin Cash (BCH), and ZCash (ZEC). Transfers are facilitated by the RenVM (Ren Virtual Machine), which converts smart contracts to readable code for computers. The Ren network is secured by nodes which makes it easier to transfer BTC coins from the Bitcoin blockchain onto the Ethereum blockchain as RENBTC. Unlike other Bitcoin-backed tokens, it does not rely on a liquidity mechanism. Instead, it is a direct supply peg, which means there is BTC in reserve to cover the circulating supply of RENBTC. The tokens can be used for trading and other operations throughout the DeFi ecosystem.
renBTC (RENBTC) is the 197th largest cryptocurrency in the world by market cap, valued at $188,080,422. The current price of renBTC is $42550.3, which is 2.971% higher than yesterday. Prices have ranged between $43159.48 and $40705.72 over the past 24 hours. All prices are listed in Australian dollars (unless otherwise noted) and accurate as of May 19, 2022 06:05 UTC.
| Coin symbol | RENBTC |
|---|---|
| Coin Marketcap | AUD$188,080,422 |
| Total RENBTC supply | 6,273 |
| Circulating RENBTC | 6,273 |
| Current price | AUD$42550.3 |
| All time high | AUD$137.1152 |
| All time high date | November 10, 2021 |
| Notable team members | Taiyang Zhang, Loong Wang |
| Partnerships | 1inch, UMA |
| Industry | Decentralised finance |
| Network | Ethereum |
Historical prices compared with the price of $42550.3.
| 1 hour | -0.86% |
|---|---|
| 24 hours | 2.97% |
| 7 days | 4.54% |
| 14 days | -24.65% |
| 30 days | -26.52% |
|---|---|
| 60 days | -28.71% |
| 200 days | -51.88% |
| 1 year | -30.36% |
Disclaimer: Cryptocurrencies, including renBTC, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RENBTC is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the renBTC or any other cryptocurrency discussed.
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