The digital asset portal Coin Bureau says one cryptocurrency is buying and selling nicely beneath its honest worth relative to different tokens in decentralized finance (DeFi).
In a brand new video for his 497,000 YouTube subscribers, the pseudonymous host of Coin Bureau says Ren is presently one of many “most underrated and undervalued cryptocurrencies available on the market” regardless of the protocol inserting itself within the “good place to be the interoperability layer of the cryptocurrency area.”
Ren is a cross-chain liquidity protocol that primarily permits non-Ethereum property, equivalent to Bitcoin, to be utilized on the Ethereum blockchain by way of 1:1 backed ERC20 tokens.
“Ren is among the few cryptocurrency initiatives that’s been tackling interoperability head-on. The market cap of Ren’s wrapped Bitcoin token on Ethereum (renBTC) has grown to over $1 billion over the previous few months. And the Ren protocol has expanded to help different chains…”
The cryptocurrency educator provides that Ren is constant so as to add help for extra blockchain ecosystems and is being listed on a significant alternate.
He anticipates that platform will proceed increasing, and procure partnerships with the Serum decentralized alternate (DEX) and decentralized finance-to-real world bridge OpenDAO.
“Ren may also be supporting the Avalanche blockchain. Ren additionally introduced that that they had partnered with MyEtherWallet to make it doable to mint renBTC utilizing BTC within the MyEtherWallet cellular app.
In January this 12 months, Ren formally made it doable to make use of Dogecoin on Ethereum as renDOGE. Ren’s integration with openDAO additionally makes it doable to mint dollar-pegged secure cash utilizing renDOGE as collateral… Ren will quickly be supporting the Solana blockchain and also will be integrating with the Serum DEX.”
Although the cryptocurrency educator is kind of bullish on Ren, he highlights that his largest concern with the asset is its lack of decentralization.
The pseudonymous analyst reveals that 2% of his cryptocurrency portfolio is invested within the token.
Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate marketing online.
Featured Picture: Shutterstock/Rustic