REN token is used for
- REN is used as a bond to run a Darknode, which powers the RenVM.
- Traders pay an order fee to darknodes in REN.
How REN token works
- A Darknode needs 100,000 REN bonded in an Ethereum smart contract. To deter malicious actors.
- This bond is returned when the Darknode is deregistered.
Darknodes earn rewards in BTC, ETH, ZEC, DAI, and ERC-20.
Traders pay an order fee, in REN, when submitting an order.
- If the order expires before it is matched, the fee is refunded.
- Fees are split between nodes participating in matching of that order.
What is Ren?
An open protocol that enables transfers between blockchains.
How RenVM works
RenVM is a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.
- Bitcoin Cash
Other use cases
- Decentralized Exchange for Cross-chain assets.
- Cross-chain collateralized lending
- Streaming Bitcoin Payments
Virtual computers (on AWS, Google cloud, Digital Ocean) powering the RenVM and earning rewards.
RenVM uses a version of Tendermint consensus algorithm.
Via the Ren bridge users can move tokens and coins between blockchains, and use other features like lending and decentralize exchange.
REN token issuance
Total supply: 1 000 000 000 REN