Ren

Halal Rating :
Questionable
Last Price $0.03 Last updated:
Rank 819
1D Change 1.09 %
Market Cap $32.56m
Circulating supply 999,330,480
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Marketplace
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Overview

Ren is a cryptocurrency protocol designed to enable cross-chain asset transfers and interoperability between different blockchain networks. The REN token is the native cryptocurrency of the Ren ecosystem, primarily used for operating nodes (called Darknodes) and governance.

Intended Utility

The primary purpose of REN is to facilitate cross-chain liquidity through the Ren Virtual Machine (RVM), allowing users to transfer assets between different blockchain networks. Darknodes operators must stake 100,000 REN tokens to run a node and participate in the network's operations.

Actual Utility

The original Ren protocol (v1.0) was shut down in December 2022 following the collapse of Alameda Research, which was a significant supporter of the project. Currently, the project is working on Ren 2.0, which aims to be a more decentralized version of the protocol. However, the new version is still under development and not yet fully operational.

Token Distribution and Development

The initial token distribution included allocations to team members and early investors with standard vesting periods. The development team has been actively working on the new version of the protocol, with regular updates and GitHub activity, despite the setback from the Alameda situation.

Revenue Model

The protocol generates revenue through fees from cross-chain transfers, which are distributed to Darknode operators. This model does not involve interest or riba-based mechanisms.

Crypto Impact

To assign a comfort level investing in Ren from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ren.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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