RENEC Blockchain Explained (RENECApply Can Take Decentralized Finance)
RENEC Blockchain: The Future of Decentralized Technology
RENECApply is an application that allows users to apply for loans and earn yield on crypto assets using decentralized finance (DeFi) protocols on the RENEC blockchain network.
With RENECApply, users can access a wide range of DeFi services like borrowing, lending, staking, liquidity mining to earn attractive APYs on their crypto assets.
What is RENEC Blockchain?
RENECApply is built on RENEC blockchain, which is a layer 1 blockchain tailor made for wide adoption of web3 and decentralised apps.
Launched in 2021, RENEC blockchain was created by Remitano, one of the largest peer-to-peer bitcoin trading platforms.
Some key things to know about RENEC blockchain:
- It is an EVM-compatible layer 1 blockchain specifically optimized for DeFi apps and NFT projects with high scalability and low transaction fees
- The network is secured by a combination of PoS validators and PoW miners to enhance decentralization
- It can handle up to 10,000 transactions per second leading to faster processing of DeFi transactions
- RENEC blockchain has its own native token called RENEC coin which is used to pay gas fees and enable governance
Benefits of Building DeFi Apps on RENEC
Here are some of the major benefits of RENEC blockchain for building DeFi applications:
High Scalability
RENECApply is built on RENEC blockchain which can scale up to 10,000 TPS (transactions per second) using sharding technology.
This is significantly higher than networks like Ethereum. Higher TPS ensures faster processing of lending and borrowing transactions.
Low Transaction Costs
The average gas fee on RENEC blockchain is $0.001 per transaction which is cheaper than most other layer 1 blockchains. This keeps the borrowing costs low for users.
On Remitano.com, you can Buy and Sell Bitcoin and 15 other Altcoins worldwide. It is the Top one P2P marketplace.
Enhanced Security
RENECApply smart contracts are audited thoroughly for vulnerabilities. RENEC also leverages quantum-proof encryption and fraud detection mechanisms to keep user funds safe.
Interoperability
RENECApply seamlessly connects with other blockchains through RenVM. This creates wider access to liquidity pools across chains for attractive yields.
Rapid Innovations
RENECApply can quickly rollout new DeFi features and financial products for users by leveraging high scalability and low fees.
Introducing RENECApply: One Stop Shop for DeFi
RENECApply aims to be the one-stop shop for all DeFi needs of crypto users. With RENECApply, users can:
- Earn up to 18% APY on supported crypto assets
- Access loans quickly by using cryptocurrency as collateral
- Use enterprise-grade tools for portfolio management and yield generation
- Access transparent interest rates and zero hidden fees
- Manage everything from a simple and easy-to-use interface
The application provides access to DeFi protocols like RenVM, Curve, Convex for native yields on assets like BTC, ETH, stablecoins. Users can maximize yields by moving funds across multiple protocols using a single interface.
Some of the key products and services offered currently include:
Crypto backed loans: Users can obtain over-collateralized loans in stablecoins by staking BTC/ETH/RENECApply tokens. This helps meet temporary liquidity needs without having to sell crypto assets.
Auto Yield Generation: Users can put their assets into automated smart contract based yield generation strategies to simplify DeFi investing.
NFT collateralized loans: One of the first platforms enabling NFT based loans. Users can borrow against their NFT holdings without liquidating them.
RENECApply Tokenomics and Governance
RENECApply has its own governance token called RENECApply Token (RAT). Key details:
- Total Supply: 100 Million RAT
- Initial Circulation: 10 Million after TGE
- Distribution: DAO, Private and Public Sale, Developments funds
- Blockchain: RENEC (BEP20 token)
RAT enables community governance of the RENECApply platform. RAT holders can create and vote on proposals to shape various policies around risk management, product upgrades, smart contract changes etc.
RAT alignments incentives between providers of liquidity and users of the RENECApply protocol. As adoption increases, the value captured by the RAT token will increase.
The Future of DeFi is Multi-Chain
While innovation in DeFi is currently concentrated on Ethereum, blockchain interoperability solutions like RenVM are enabling platforms like RENECApply to take a multi-chain approach.
By bridging liquidity across chains, RENECApply can enhance capital efficiency and provide its users access to a wider spectrum of DeFi opportunities. A user can put BTC on Ethereum to work within Curve and Convex, while simultaneously borrowing stablecoins against their NFTs on RENEC blockchain.
This build-and-bridge approach unlocks unique product combinations for higher yields. Within 2-3 years, we anticipate all leading DeFi platforms to take a multi-chain interoperable architecture. RENECApply has a headstart in that direction.
Mainstream Adoption of DeFi Requires Better UX
For wider adoption, DeFi protocols need to have simpler user interfaces that hide complexities of smart contracts and liquidity pools from regular users. The experience should be as easy as interfacing with any mobile banking application.
RENECApply focuses heavily on making DeFi easier to use with features like one-click automated yield farming, single collateral deposits across pools, intuitive governance dashboards and more.
The platform also has extensive educational resources, community support and guidance on risk management to inform users. Our vision is for RENECApply to become the most user-friendly and risk-averse DeFi protocol available.
Conclusion
In conclusion, RENECApply offers crypto investors and traders an innovative platform to maximize yields on assets in a secure, transparent and convenient way.
By leveraging RENEC’s blockchain scalability, transaction speeds and low fees, the platform can accelerate innovation in multi-chain DeFi.
With an easy-to-use interface, strong risk controls and community governance, RENECApply can take decentralized finance to mainstream audiences.
In coming years, we hope RENECApply becomes a leader in adoption-focused DeFi applications by continuously identifying user pain points across the DeFi lifecycle.