renBTC (Polygon)

renBTC

renBTC is a DeFi-compatible version of Bitcoin backed by BTC held in the renVM protocol.

Risk Rating
Watch Out
$17,543.51
4.14%
What is renBTC (Polygon)?
What we like
Offers users a permissionless, decentralized method to gain exposure to BTC. Provides access to BTC’s deep liquidity and large volume across several chains.
What we like less
renBTC is a tokenized version of BTC that is less secure than BTC as it relies on the Ren protocol's smart contracts to mint and redeem.
What it means for you
renBTC is a solid way to gain exposure to BTC with lower transaction costs and also an easy way to put BTC to work for you in DeFi.

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Information
Blockchain
  • Polygon
Info
Key Metrics
  • Market Cap: $5.3M
  • Fully Diluted Valluation: $5.3M
  • FDV / MC: 1
  • Ranking inside Exponential (excluding stables): #99
  • Circulating Supply: 304
  • Total Supply: 304
  • Total Supply: 304
  • Volume (24H): $9.6K
  • ATH: $102,983.00 (12/16/2024)
  • ATL: $2,235.69 (01/21/2024)
Risk Assessment
Watch Out
Asset Strength

renBTC is a low-cap, fully collateralized asset. This asset is exposed to the underlying risks of Polygon PoS bridge and RenVM, which are protocols both rated as Watch out.

Dependencies

Polygon PoS Bridge

RenVM

Asset Tokenomics

renBTC has a fixed supply. renBTC is a DeFi-compatible version of Bitcoin. It is backed 1:1 by BTC locked in the renVM protocol. renBTC on Polygon is then backed 1:1 by renBTC locked on Ethereum chain in the Polygon PoS bridge protocol.

Asset Volatility

renBTC is highly correlated to the overall market.

Things to know about renBTC

How does renBTC work?

renBTC is backed 1:1 by BTC deposited to a RenVM address on the Bitcoin blockchain. This locks the user's BTC in the address, mints renBTC, and sends it to the designated wallet on the Ethereum network. RenVM stores the deposited BTC in a network of decentralized nodes called "darknodes", which requires a minimum stake of 100K REN tokens. To redeem BTC, users need to burn renBTC on Ethereum, after which the locked BTC is released to a designed Bitcoin address when the burn transaction is confirmed.

Why use renBTC?

renBTC is a fully asset-backed token that was created as a direct competitor to WBTC with limited counterparty risk as RenVM custody of the underlying BTC is performed in a decentralized manner through advanced cryptography. renBTC can be used across DeFi in market making and lending platforms to generate additional yield.

How secure is renBTC?

renBTC does not have the same level of decentralization or security as BTC since it is dependant on RenVM smart contracts and tokenomics. Nonetheless, renBTC can be minted permissionlessly through the platform and does not have any reliance on centralized entities like WBTC.

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