REN Price Adds 65% After The Launch Of Catalog: Report

REN Price adds 65% after the launch of Catalog and it stands out among the drowning altcoins that are all in the red today, so let’s read furhter in today’s latest altcoin news.

REN stands out after the launch of Catalog and the pivot to Polygon blockchain result in a 65% rally. The decentralized finance projects like Ren pumped in 2021 to finish the year back where they started with the high fees on ETH which led to a decreased activity for most protocols and DEFI that took a backseat to more popular sectors such as NFTs.

Say goodbye to multi-chain acrobatics with Catalog🤸‍♂️

Learn more about what @catalogfi and partners are bringing to the multi-chain ecosystem here👇https://t.co/bRqCyyCsis

Join the waitlist for early access and more📜https://t.co/hb4KyRhA8r

— Ren (@renprotocol) February 26, 2022

It seems as though the downtrend is in the process of reversing the course after the global events outlined the benefits of DEFI and held assets outside of the traditional financial system and this week REN even climbed 69% from the low of $0.247 to a daily high of $0.418 at the beginning of March. Three reasons for the price reversal in REN are the launch of the first layer-one app Catalog and the launch of VarenX on Polygon as well as a few new partnerships and integrations for the REN Virtual Machine.

VarenX is live on @0xPolygon with free GAS thanks to @varenfinance!

Gasless cross-chain swaps are here and it's a big milestone for improving the native multi-chain user experience.

Learn more below 👇 https://t.co/XMyTh0bB5Y

— Ren (@renprotocol) February 25, 2022

The REN Price adds 65% thanks to the biggest developments to come out of the project launch Catalog as the first application built on the REN blockchain. Catalog is a “metaverse” exchange according to REN and it is designed to be a secure cross-chain DEX with built-in liquidity mechanisms which allow users to swap assets on the networks with minimal cost. The liquidity mechanism for Catalog will tap into the native asset pools and the liquidity across third-party DEXes which means that REN will be able to support a wider array of projects without worrying about all liquidity constraints.

Other features of Catalog include zero gas fees and the low flat-rate trading fees with the ability to earn passive income on crypto held in Catalog account without having to stake and participate in liquidity pools with more plans to add the ability to link the bank account for faster deposits and withdrawals. The second development that boosted the momentum for REN was the VarenX DeFi hub on the Polygon network and so far, it has only operated on the Ethereum network which makes it hard for VarenX to gain more traction.

📢 Announcing a new Kava Pioneer!

🎉 Welcome @Renprotocol! 🎉

Excited to have RenVM deploying on the Kava Network Ethereum Co-Chain on March 8th!

The Pioneer Program is still open for submissions with a 100K $KAVA pool up for grabs! 💰 https://t.co/h3v6URIPmF pic.twitter.com/syTE6bHAHW

— Kava Network (@kava_platform) March 3, 2022

The low fee nature of Polygon enabled VarenX to offer gasless transactions via the “FreeWei” feature that fronts the gas costs for all users and allows them to conduct cross-chain for free. The third factor that helps boost the outlook for Ren has been a series of partnerships and integrations which helped to enhance the cross-chain ties. Ren partnered with Kava to join the Kava Pioneer program that will see the RenVM deployed on the Kava network in a few days. Some other notable developments include a new partnership with DappBack and a listing on REN on the voyager app.