The decentralized finance (defi) ecosystem has matured quite a bit in 2020 and one project that’s seen some growth is the Ren Protocol. The application that allows people to access inter-blockchain liquidity for a number of defi applications. The following post is a step-by-step guide on how to leverage the Ren Protocol with Bitcoin Cash and a Metamask wallet.
This week news.Bitcoin.com tested the Ren Protocol, another decentralized finance (defi) application that has been making waves within the crypto community. This is because the total value locked (TVL) in the Ren-VM system right now is more than 12,600 BTC ($146 million).
The Ren protocol also works with zcash (ZEC) and bitcoin cash (BCH) as well, as it offers cross-chain capabilities with three blockchains and then connects them to Ethereum. In order to give our readers some perspective on how the project works, we tested the Ren Bridge to mint a very small fraction of renBCH.
The following guide illustrates how easy it is to utilize these defi platforms, but it also shows how Ethereum is suffering from fee issues.
Paying $3 to $6 per transaction is nothing to someone leveraging various defi apps in order to yield off of 6,000 USDC with an intricate flash loan. In my experiment, I only minted $1 worth of BCH to test the system for this article and this is totally not a recommended amount with current gas prices.