|Total Value Locked||24H|
|in ETH||697.3K ETH||+2.9%|
|in BTC||21.8K BTC||+0.8%|
|renBTC Locked||17.5K renBTC||-27 renBTC|
|% Supply Locked||< 0.01%|
RenVM, a product of Ren was released in May 2020 and provides interoperability for decentralized finance (DeFi), allowing anyone to seamlessly bridge digital assets to and from the DeFi ecosystem. RenVM is not a product or an application in and of itself but is a network (and an accompanying SDK) that allows developers to bring interoperability to their DeFi applications. The easiest way to imagine RenVM is that of a custodian that holds your digital assets, as they move between blockchains. Let’s use BTC as an example; you give BTC to RenVM, it holds that BTC, and it mints that BTC as an ERC20 (renBTC) on Ethereum with 1:1 ratio, ensuring your renBTC is always backed by the same amount of BTC. This process applies to all digital assets RenVM supports. Technically speaking RenVM is a byzantine fault-tolerant protocol that does ECDSA threshold key generation and signing via sMPC. Darknodes on this network are required to put down a bond of REN tokens to ensure transactions are processed honestly and earn fees. RenVM currently supports BTC, BCH, and ZEC to Ethereum but is capable of supporting any digital assets that utilize ECDSA private keys.
The most popular place to use RenVM is RenBridge. There you can mint and burn BTC, BCH, and ZEC on Ethereum as ERC20s. More assets will be added to RenBridge as they are integrated into RenVM.