China banned crypto! I have the best project for crypto traders.

China has banned crypto for the millionth time and it doesn’t matter anymore. Chinese users will be flooding the decentralized exchanges to buy/sell their crypto. This was the main reason behind doing this thorough research to find out which project can benefit the most. Chinese users wants to have privacy as well as reliability to keep their crypto safe, this is where this new project comes in.

Project Name: REN

Current Price:$1.01

Exchange Availability: Coinbase, Binance, Kraken, KuCoin, Gemini, Uniswap

What is REN?

REN is a blockchain protocol that facilitates liquidity transfer between different blockchain networks through a series of darknodes that help to protect user privacy (Chinese crypto investors would be focusing on this particular aspect of this project). DeFi activity will continue to rise in the future which will create a demand for Ren protocol. Ren’s core product RenVM, brings interoperability to decentralized finance (DeFi)

Rising volume and total value locked

REN’s bullish momentum can be found in the data for the total network volume and total value locked (TVL)

As 2021 progressed, new chains were added to the list of bridges supported, which now includes Ethereum, Binance Smart Chain, Solana, Polygon, Fantom, Avalanche and Arbitrum.

Each new bridge has helped to increase the volume and TVL on the Ren network.

Dark Pools

Dark pools are confidential order books that are hidden from the view of the market. They allow users to perform OTC trades anonymously. This keeps the “whale” investors anonymous and inhibits slippages caused by OTC. Access to these pools is limited from the general view as they have their own least acceptances of liquidity.

While using the protocol’s dark pool, there’s no necessity for Know-Your-Customer (KYC). One doesn’t need to trust the integrity of anyone as the pool is autonomous and secure.

What is Ren Used For?

The REN token is used in two ways in its ecosystem. The first is to remit ‘bonds’ to the (Registrar) Smart Contract that manages the Darknodes within the ecosystem. This smart contract maintains the stability and decentralization of the Ren Virtual Machine (Ren VM) protocol. If any user is interested in running a Darknode, he must pay 100,000 REN as a bond to the Registrar’.

Users also use REN in settling order trading fees for all investment orders initiated on the Ren Virtual Machine (Ren VM). Dark nodes are set up using Amazon Web Service, Google Cloud, and Digital Ocean. DeFi projects adopt the RenVM to earn benefits from the speedy transfers, cross-chain OTC trading, and cross-chain liquidity.

Full List Of Ren (REN) Partnerships Involved In The Ren Alliance(2020)

The Ren Alliance is a consortium of over 50 projects that will work together to develop, secure, and utilize the Ren protocol.

Conclusion:

Ren is an absolute steal for me at these current prices, Chinese crypto investors are looking to swap their crypto holdings with anonymity and they are looking for many alternatives, Ren is one of the option they will consider.

My strategy is to invest in this project for scalping, trading, and short term, take profits it reaches anywhere between $1.2 to $1.6