In style cryptocurrency influencer coin Bureau has named the choice cryptocurrency he sees as probably the most undervalued one within the decentralized finance (DeFi) area, declaring it’s presently tackling an issue within the area.
In a video the place he spoke to his practically 500,000 subscribers on YouTube, the pseudonymous analyst revealed he believes Ren (REN) is the “most underrated and undervalued cryptocurrencies available on the market,” although REN is in a “excellent place to be the interoperability layer of the cryptocurrency area.”
Ren is a cross-chain liquidity protocol that enables belongings to be tokenized on the Ethereum blockchain. Considered one of its hottest belongings is renBTC, which a tokenized model of bitcoin circulating on ETH, backed 1:1 with BTC.
Coin Bureau identified the Ren protocol is increasing to different blockchains apart from Ethereum, and said:
Ren is without doubt one of 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.
The cryptocurrency can also be getting record on extra buying and selling platforms, including to its liquidity. Coin Bureau revealed he believes REN will proceed to develop and can quickly associate with the Serum decentralized change and the decentralized finance platform OpenDAO.
Different belongings apart from BTC are tokenized utilizing Ren, together with Dogecoin (DOGE), whose recognition surged earlier this 12 months thanks to varied tweets from celebrities corresponding to Elon Musk.
Coin Bureau added:
Ren may also be supporting the Avalanche blockchain. Ren additionally introduced that they’d partnered with MyEtherWallet to make it potential to mint renBTC utilizing BTC within the MyEtherWallet cell app.
There, he added, dangers concerned with investing in REN. One is the cryptocurrency’s centralization, which might see giant buyers dump tokens available on the market and drive its value to drop. The analyst famous he has 2% of his crypto portfolio invested within the token.
In response to CryptoCompare information, REN is presently buying and selling above $1, up from over $0.50 at the start of the 12 months. Final 12 months, the cryptocurrency was buying and selling at $0.03.
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