The historical significance of the release and upgrade progress of Ren 2.0
After the release of Ren 2.0, the Ren protocol has taken a new step in security, efficiency, and developer tools.Author: Ren
Compiled by: ChainCatcher
With the release of Ren 2.0 and the progress made thereafter, August has been historic for Ren, elevating the protocol in terms of security, efficiency, and developer tools. The first Cosmos chain—Kava—has also been integrated into Ren, beginning to support more non-Ethereum stablecoins, which will open up more bridging routing paths and support more use cases. Finally, the process of auditing the upgraded Ren gateway contracts has begun. This will ultimately allow early assets like $renBTC to migrate to a new version that supports burn and mint functions, enabling direct arbitrary chain bridging for Bitcoin, Dogecoin, and more.
This month, we announced the next iteration of Ren in this emerging multichain world. Ren 2.0 is an open protocol that supports the development of new multichain applications on EVM—leveraging Ren's powerful bridging technology to create a new world full of opportunities. Check out the announcement blog for more details: https://medium.com/renproject/introducing-ren-2-0-43025b3d5d6
Ren 2.0 features enhanced security, supports universal application logic on top of Ren, improved MPC algorithms, greater scalability to support more signing schemes, and optimized token economics to further adjust incentives for ecosystem participants.
Since the announcement, work has been completed to add RenEVM support to the Darknode CLI, and the new FROST MPC algorithm has been undergoing testing and improvements to enhance its robustness, now integrated into the new Darknode client. Documentation is currently in progress, and a Chaosnet deployment is expected soon, with preparations for a demonstration underway.
We are excited to announce that Ren supports direct bridging for every supported asset and bridging from Kava, such as $BTC, $ETH, and $USDC!
Kava is a lightning-fast Layer-1 blockchain with a developer-optimized joint chain architecture that combines the two most commonly used permissionless ecosystems—Ethereum and Cosmos—into a single, scalable network. With Ren's support, you can now directly connect $BTC, $DOGE, $ZEC, and tokens and assets from over 8 other smart contract chains supported by Ren to Kava and back.
By integrating Kava, it not only opens a direct Bitcoin bridge to Kava but also opens over 8 chain bridges directly from the largest EVM chains and L2 as well as Solana to Kava, forming the entire Cosmos ecosystem! This greatly expands the interoperability of the entire crypto-financial ecosystem, as assets and liquidity can now be smoothly transferred from almost anywhere to anywhere else without interacting with centralized exchanges.
Work has begun to integrate a batch of new tokens, with this round focusing on non-Ethereum stablecoins, such as Polygon and Avalanche USDT and USDC. This will open better and more liquid pathways for cross-chain trading, as any token can be routed through liquidity stablecoins before being exchanged for the target asset on another chain. These additions will go live in September.
The process of auditing the latest gateway contracts has begun. Among other features, the latest gateway contracts support burn and mint functions, allowing renASSETS to be directly bridged between chains without needing to be burned on the source chain before being minted on the target chain. When these upgraded contracts are audited and deemed sufficiently secure, early assets like $renBTC and $renDOGE will migrate to the upgraded contracts, ultimately enabling the burn and mint of these assets. This will make $renBTC the primary routing asset across chains, as it has high liquidity on many chains.
When Chaosnet begins deployment, the Ren community and node operators will need to work closely together and coordinate to ensure a smooth process. If you haven't already, join the community to stay updated and ensure you are prepared for a multichain future.
