RenVM Ready for ‘New Frontiers’ with Alameda Research Partnership
DeFi protocol Ren that enables the permissionless and private transfer of value between blockchains has joined hands with Alameda, a quantitative crypto trading firm founded by FTX founder and CEO Sam Bankman-Fried.
This partnership will prioritize Solana’s support in Ren’s Multichain libraries and in RenVM, Ren’s core product that brings interoperability to DeFi.
The team has already started working and will begin bridging assets to and from Solana in Q2.
For RenVM, the upcoming support for Solana and integration into Serum means more volume, users, fees, and authenticity to the protocol. Taiyang Zhang, the CEO at Ren said,
“I’ve always been impressed by the pace of innovation @SBF_Alameda +team sustains and value created for the wider crypto ecosystem. Now that we get to collaborate, I’m more bullish than ever and look forward to taking RenVM to new frontiers.”
The joint efforts will also involve “reaching the next phase of decentralization.” After distributing the control of RenVM to third-parties, now Alameda will also participate in Greycore, which will be responsible for consensus and execution. The team is expecting to start testing MPC on Testnet soon.
As for Solana, the ability to move ETH and ERC20 tokens along with SOL, SRM, and other Solana-native assets between chains will help integrate Solana more deeply into DeFi.
REN token’s price jumped over 20% on the news as it trades at $0.75, up 120% YTD, and to trader @SmartContracter, it looks “Giga bullish.”
But not just for REN, the market sees it as good news for all the parties that means SRM and SOL as well. While SOL hit a new ATH at $5.34 today, SRM is just 20% away from its peak of $3.76 hit during 2020 DeFi summer mania.