Review on Ren by Thalhat Tee
REN
Last week, we reported how Chainlink joined hands with BitGo for auditing Wrapped Bitcoin (WBTC), which has nearly $1 billion BTC bridged on Ethereum.
The popular decentralized oracle network has already secured billions of dollars for leading DeFi protocols like Aave and Synthetix, and now it has found a new partner in RenVM.
Ren has just over $300 million funds locked in it with its token REN trading at $0.263, down only 7.4% since Oct. 1st, unlike many other Defi projects which have crashed during this period. LINK itself is down 51% from its ATH of $20, hit in mid-August.
RenVM, which has $900 million bridged, will be using Chainlink’s Proof of Reserve mechanism, fully automated and censorship-resistant, which is live on testnet and will soon be coming to mainnet.
By leveraging Chainlink, “smart contract applications on the Ethereum blockchain now have the ability to autonomously verify on-demand the current collateralizatio
Pros
- IT US VERY EFFICIENT
- 24/7 Customer service
Cons
- IT IS UNPREDICTABLE
