Daily Top Mover — Ren Protocol (REN)

The Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures price index, comes at an expected 5.5%, sending U.S. equities to see greens on Friday. The last trading week will be light on earnings or economic data, while historically, U.S. equities have a higher chance to gain during this period. Meanwhile, the broader cryptocurrency market has experienced extraordinarily low volatilities during the holiday weekend, with Bitcoin down 0.07% and Ether up 0.42%, in the past 24 hours. The top mover for today, REN, which registered a 15.36% increase in the past 24 hours, has clearly outperformed the market in the wake of the Ren 2.0 proposal approval.

REN is the native token for Ren Protocol, which aims to create inter-blockchain liquidity for Bitcoin. Ren Protocol was acquired by Alameda in ,2021, and can only stretch its dollars until the end of Q4 in the aftermath of FTX’s collapse. The community, however, aspired to revive the project without funding from Alameda by releasing the ,Ren 2.0 proposal,. The proposal suggests setting up a Ren Foundation, creating a new Ren 2.0 network, and minting new REN tokens to fund the transition. The recent ,approval,, with a consensus of a vast majority of community members, sends a tailwind to REN tokens in anticipation of Ren 2.0’s success. Furthermore, recent ,rumors ,of a potential acquisition by Binance have given rise to speculation. 

Check Out the Latest Prices, Charts, and Data for ,REN/USDT,!

Talk of the Town

Solana’s top NFT projects, DeGods and y00ts, recently ,announced, their plans to bridge over to Ethereum and Polygon, respectively, in the first quarter of 2023. The migration will be taking place with the help of a cross-chain bridge. Details of the said bridge will be released in the near future. Meanwhile, DeGods has also announced that they will be releasing their Season 3 roadmap in January. 

Check out what else is buzzing in the crypto scene today:

Bitcoin’s hashrate recovered from a short-lived 40% plunge from a U.S. power outage. (,Link,)

BitKeep crypto wallets were hacked as thieves leveraged unofficial APK downloads. (,Link,)

OpenSea delisted Cuban artists and users to comply with U.S. sanctions. (,Link,)

Concerns that BNB might be deemed as security reemerged on Crypto Twitter. (,Link,)

Andre Cronje laid out the blueprint for Fantom in 2023. (,Link,)

Source: Bybit Blog

The post Ren 2.0 Proposal Approved; DeGods Announces Plans to Bridge to Ethereum appeared first on Crypto Breaking News.

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Filed under: News - @ December 27, 2022 6:14 am