The cryptocurrency sector has emerged as a hot topic on the global stage in 2021 thanks in large part to the growth of decentralized finance and non-fungible tokens which have caught the general public’s attention.
Throughout the sector there is a need for interoperability between networks as many of the most popular projects are on siloed blockchain networks and high Ethereum fees prevent developers and investors from interacting across chains.
One project focused on solving this project is Ren, which revealed on March 31 that Solana and Fantom had become the latest tokens supported by the interoperability-focused protocol.
March Development Update
— Ren (@renprotocol) March 31, 2021
These additions mark the third new token supported by the protocol over the past week, which has coincided with a 40% rally in the price of REN as community members from the newly supported tokens discover a newfound interest in the Ren ecosystem.
As more NFT and DeFi projects continue to emerge on separate blockchain networks, the need for projects like Ren is likely to increase as the cryptocurrency ecosystem as a whole looks for ways to increase its interconnectedness.
REN price soars as its ecosystem expands
2021 got off to a hot start for Ren thanks to the explosion in growth of decentralized finance and the protocol’s ability to bring tokens from other blockchains onto the Ethereum (ETH) network where a majority of the active decentralized applications exist.