REN price gains 65% after Catalog launch brings a cross-chain DEX to its blockchain
Decentralized finance projects like Ren pumped in 2021, only to finish the year right back where they started as high fees on Ethereum (ETH) led to decreased activity for many protocols and DeFi took a backseat to more popular sectors like nonfungible tokens (NFTs).
Now, it appears as though that downtrend is in the process of reversing course after recent global events highlighted the benefits of DeFi and holding assets outside the traditional financial system. This week REN price climbed 69% from a low of $0.247 on Feb. 24 to a daily high of $0.418 on March 3.
Three reasons for the potential price reversal in REN are the launch of its first layer-one application Catalog, the launch of VarenX on Polygon and several new partnerships and integrations for REN and the Ren Virtual Machine (RenVM).
The biggest development to come out of the REN project lately was the release of Catalog, the first application built on the Ren blockchain.
Say goodbye to multi-chain acrobatics with Catalog♂️Learn more about what @catalogfi and partners are bringing to the multi-chain ecosystem herehttps://t.co/bRqCyyCsisJoin the waitlist for early access and morehttps://t.co/hb4KyRhA8r
Catalog is a “Metaversal” exchange according to Ren and is designed to be a secure cross-chain decentralized exchange (DEX) with built-in liquidity mechanisms that allow users to swap assets across popular networks at a minimal cost.
The liquidity mechanism for Catalog will tap into native asset pools as well as liquidity across third-party DEXes, meaning that Ren will be able to support a wide array of projects without worrying about liquidity constraints.
Other features of Catalog include zero gas fees and low, flat-rate trading fees, the ability to earn passive
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