The digital asset portal Coin Bureau says one cryptocurrency is trading well below its fair value relative to other tokens in decentralized finance (DeFi).
In a new video for his 497,000 YouTube subscribers, the pseudonymous host of Coin Bureau says Ren is currently one of the “most underrated and undervalued cryptocurrencies on the market” despite the protocol placing itself in the “perfect position to be the interoperability layer of the cryptocurrency space.”
Ren is a cross-chain liquidity protocol that essentially allows non-Ethereum assets, such as Bitcoin, to be utilized on the Ethereum blockchain via 1:1 backed ERC20 tokens.
“Ren is one of the few cryptocurrency projects that’s been tackling interoperability head-on. The market cap of Ren’s wrapped Bitcoin token on Ethereum (renBTC) has grown to over $1 billion over the last few months. And the Ren protocol has expanded to support other chains…”
The cryptocurrency educator adds that Ren is continuing to add support for more blockchain ecosystems and is being listed on a major exchange.
He anticipates that platform will continue expanding, and obtain partnerships with the Serum decentralized exchange (DEX) and decentralized finance-to-real world bridge OpenDAO.
“Ren will also be supporting the Avalanche blockchain. Ren also announced that they had partnered with MyEtherWallet to make it possible to mint renBTC using BTC in the MyEtherWallet mobile app.
In January this year, Ren officially made it possible to use Dogecoin on Ethereum as renDOGE. Ren’s integration with openDAO also makes it possible to mint dollar-pegged stable coins using renDOGE as collateral… Ren will soon be supporting the Solana blockchain and will also be integrating with the Serum DEX.”
Though the cryptocurrency educator is quite bullish on Ren, he highlights that his biggest concern with the asset is its lack of decentralization.
The pseudonymous analyst reveals that 2% of his cryptocurrency portfolio is invested in the token.
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The post This Crypto Asset Could Be the Most Undervalued Project in DeFi, According to Coin Bureau appeared first on The Daily Hodl.