Aave recently added Ren as a supported asset and in a few days it became one of their most popular assets. As of now there is over $5 million worth of Ren already deposited. There seems to be a lot of demand for Ren and Compound may benefit from its addition to the protocol.
What is RenVM?
RenVM serves as the engine that powers our decentralized interoperability solution.
RenVM provides one of the only practical interoperability solutions that can scale. It is also the only solution that allows for secret computation over multiple inputs and multiple parties. RenVM is not a product or an application in and of itself, it is a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.
What are Darknodes?
RenVM is powered by a network of machines called Darknodes, earning rewards for contributing compute power and storage space.
RenVM is network powered by decentralized virtual machines. This virtual machine is replicated over thousands of machines that work together to power it, contributing their network bandwidth, their computational power, and their storage capacity. These machines are known as Darknodes.
What problem does RenVM solve?
RenVM enables the trustless and decentralized exchange of value between blockchains - bringing interoperability to DeFi.
This directly enhances DeFi’s utility by adding more liquid assets to the Ethereum ecosystem. Regardless of the DeFi app, RenVM can provide a native cross-chain user experience allowing seamless and decentralized interoperability for the first time ever.
What can be built with RenVM?
RenVM serves as an plug-in for decentralized finance and therefore, any DeFi application can incorporate RenVM’s capabilities into their applications and existing smart contracts.
If your project would benefit from cross-chain liquidity, then you stand to benefit from integrating with RenVM. Extra care has been taken to ensure RenVM is composable with existing blockchain and DeFi applications.