All you need to know about REN Token

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Ren is an exciting project that allows users to buy, sell and trade digital assets without affecting the markets based on trading volume.

So what is REN, how does the project work, what problem does it solve? This article will give you all the information you need to know about this project, so stay tuned!

What is RenVM?

RenVM is a decentralized network that enables users to interact with multiple applications and assets on different chains. The crypto asset focuses on several purposes, including:

  • Universal interoperability between blockchains.
  • Robust security.
  • Scalable.
  • Optimal user experience.

These are achieved by using both consensus algorithms together with secure multi-party computation (MPC) which instantiates an autonomous custodian capable of locking one asset/chain’s tokens for use in another chain. Users are able to do this only through one transaction.

What are the problems to be solved?

The future of blockchain use cases, such as DEXs and lending platforms, is dependent on greater interoperability within the crypto space. This means that more liquid assets for trading are required in order to get new users into these exchanges. 

RenVM is designed to offer interoperability between all blockchains, developers and users. Its goal is to create a native user experience where customers only have to make one transaction on each blockchain they use it for.

How does Ren work?


RenVM uses a tokenized representation model to support cross-chain transactions. 

The easiest way to imagine RenVM is to think of it as a trustless system that holds digital assets as they move between blockchains. If you give 1 BTC to RenVM, it will keep that BTC and mint it as an ERC token (renBTC) on a 1:1 ratio.

how ren works

The working model of RenVM

Ren’s virtual machine accepts tokens on one blockchain to exchange assets across blockchains and creates new ones representing the original tokens through its RenBridge.

The system includes three main components to solve the interoperability issue in a versatile, decentralized, trustless and permissionless way.


Thousands of Darknodes power RenVM, each node requires 100,000 REN tokens to run. If the Darknode behaves maliciously or causes loss of assets (and its bonds are slashed), they can be used to restore what was lost.

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darknode ren

Users can always check the number of Darknodes and rewards on the platform


Darknodes are shuffled into random groups called Shards. Each shard uses the RPL MPC algorithm to generate a secret ECDSA private key that can’t be revealed of 1/3rd+ Darknodes, enabling each shard to lock assets in custody securely.

Shards contain at least 100 Darknodes and will be randomly shuffled once per day to avoid Sybil attacks. This makes the system more secure as attackers will need to collude with many Darknodes in order to corrupt any shard.


Darknodes are incentivized to power RenVM through fees. The user pays these fees, and the Darknode earns a small percentage of that fee as payment for their work powering RenVM.

ren network fee

The total network fees

This keeps rewards diverse while keeping things simple from the perspective of users who don’t need to juggle different types of tokens (like Fee Tokens) when transferring funds between blockchains.

What is Ren Token?

The REN token is used in a decentralized network of Darknodes to power the sMPC network. 

To prevent malicious adversaries from overpowering the system, each user must pay 100,000 tokens before being allowed to operate as one of these nodes.                                                

Detailed information about REN token

REN Token Metrics

  • Ticker: REN
  • Contract: 0x408e41876cccdc0f92210600ef50372656052a38
  • Decimal: 18
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Token type: Utility token
  • Total Supply: 1,000,000,000 REN
  • Circulating Supply: 997,763,051 REN

REN Token Allocation

  • Private Sale: 56.6%
  • Public Sale: 8.6%
  • Reverse Fund: 19.9% ​​.
  • Team & Advisors: 9.9%
  • Community & Partners: 5%

ren token allocation

REN Token Sale

The REN token private sale happened in January 2018, the public one was held in February 2019 at 0.06 USD per REN. 

How to buy REN Token

You can use Coin98 Exchange to swap other tokens for REN following these simple steps on:

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Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose coins/tokens for trading:

  • Search REN.
  • If the result does not come up, you can paste the contract of REN into the search box: 0x408e41876cccdc0f92210600ef50372656052a38.

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

how to buy ren token

How to buy REN using Coin98 Exchange

How to mine REN Token

If you don’t have 100,000 RENs to become a node operator. You can provide liquidity on other platforms such as AAVE to receive REN. However, the rewards are relatively small and under 5%.

How to store REN Token

You can store REN token on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search REN Token.

Step 3: Click on the correct result.

Step 4: Copy the wallet address and send REN to this address.

store ren token

How to store REN using Coin98 Wallet

Roadmaps and Updates

In May, 2020, REN released SubZero mainnet as the first audited of RenVM mainnet. The release helped the project to be stable and ready for use in production environments.

The upcoming Mainnet SubZero will incorporate open consensus and sharding into RenVM. All Darknodes are powering the Hyperdrive shards, which is a semi-decentralized core that powers the execution

renvm roadmap

RenVM Mainnet One is an important update of the project

Team, Investors, and Partners


Taiyang Zhang founded REN, an open protocol that enables the movement of value between blockchains. He graduated from The Australian National University and is also the founder of the KeeperDAO project.


Ren has raised $34M in funding over 2 rounds, their latest round was an Initial Coin Offering on February 22nd, 2018. Ren is funded by 7 investors including Polychain and recently FBG Capital.

The Ren project is also invested by Huobi Capital, an investment arm of Huobi Group, focusing exclusively on ventures and projects related to blockchain technology, digital currency, and crypto assets.

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ren investors

The investor list


Ren has partnered with some of the leading cryptocurrency projects in the industry such as Binance, Curve, and Uniswap.

ren partners

On February 2nd, 2021, the Ren development team officially joined Alameda Research and the wider ecosystem. This collaboration will bring more opportunities for both companies for future developments. 

Is REN a good investment?

REN is an interesting project and has gained a lot of success recently. The coin is currently ranked 136th (according to Coinmarketcap 02/09/2021). But should we invest in this project?

I will leave few key points from the article here:

  • Anyone can access RenVM to send any asset to any application on any chain quantity. Users can interact with multiple assets, applications and chains with just one transaction. With more blockchains coming out recently, the RenVM will simplify all complex steps for DeFi users.
  • Ren partnered with Alameda Research, one of the top-tier companies and backed by Sam Fried Bankman. The RenBridge will provide more liquidity and help Solana to expand their ecosystem.
  • Most of the popular blockchains such as Ethereum, Polygon, Fantom, Solana and Binance Smart Chain are supported on RenBridge. However, there are only 7 assets available. If the platform supports more assets, there will be more user adoption.
  • The market for tokenized model is huge considering BTC’s marketcap is $900B and renBTC marketcap is only $780M (according to Coinmarketcap on 03/09/2021). There is a lot of room for the project to reach its full potential.


I hope you have gained all of the important information about REN including its features and highlights throughout this topic.

If you have any questions about REN or want to know more about REN, please feel free to leave a comment below for further discussions about Crypto.

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