Our Ranking
What is Ren?
Comparable to - Bitcoin
Simple Explanation - Ren is a Bitcoin backed synthetic network. Ren allows users to deposit assets from one blockchain to distribute onto others. Bitcoin is a very slow and costly network that was never meant to have smart contracts built onto it. To make the Bitcoin network usable, Ren creates bridges from Bitcoin to networks like Ethereum and Polygon. Users deposit their Bitcoin onto the Ren platform to create the base of the bridge. Ren then creates Bitcoin backed synthetic tokens for the Ethereum and Polygon networks. This allows users to buy Bitcoin, transfer, borrow, and lend with much less fees and quicker transaction times.
A crypto experts explanation - Ren is a project tied with RenVM. RenVM is a virtual machine that was created as the center of the Ren protocol. The developers of Ren found that the blockchains had a hard time working together between different infrastructures. Ren was developed to be the bridge that joins different blockchains to enable interoperability between the blockchains. RenBTC utilized smart contracts to operate multiple blockchains at the same time. By RenVM joining different blockchains under the same platform, an infrastructure is created that allows cross block chain operations to occur immediately without changes, even if you are utilizing tokens that are not ERC20 tokens. RenBTC is the ERC20 token that is built on the Ethereum network and anchored to bitcoin. This token allows bitcoin to be brought to the Ethereum platform through a cross-chain operation. These cross-chain operations through RenVm create a smart contract in Ethereum and a payment routing (called a HTLC transaction), in Bitcoin. The system then blocks the sending of the coin. By keeping custody of the coins RenVM can grant a minting signature that will then mint the RenBTC and allow the user to obtain the same value of Bitcoin on the Ethereum network which allows them to participate in the Ethereum decentralized finance infrastructure. RenVM does not just work on the Ethereum network, but can also carry out operations with other blockchains, meaning that RenVM is incredibly versatile.
How to Use
Use renbridge.io to mint wrapped versions of BTC/BCH on Ethereum, Polygon, or other supported chains. Use the resulting renBTC across DeFi just like any ERC-20.
Why we like it.
Ren earned a spot on USA Wallet because it represents real, sustainable utility in the crypto ecosystem. Our team researched the project's fundamentals, the team behind it, and its long-term outlook before adding it — so you can feel confident that any token on our platform is one we'd invest in ourselves.