Ren Protocol and Alameda Research, a firm founded by FTX CEO and DeFi guru Sam Bankman-Fried, have teamed up to bring more DeFi functionality to Solana and Serum.
The announcement, made on Feb. 2, stated that aside from closer collaboration between the two, the Ren development team will be prioritizing support for Solana in its multichain libraries and in RenVM itself.
Solana is Alameda’s high-throughput blockchain network that has often been touted as an ‘Ethereum killer.’ Ren Protocol will begin bridging assets to and from Solana in the second quarter.
CoinFund CIO Alex Felix commented that the partnership could be a good combination for another token;
Bringing DeFi to Solana and Serum
The upcoming support for Solana, and integration into Serum, will help bring even more volume and users to RenVM, the blog post added.
RenVM, released in May 2020, is a network of virtual computers that powers interoperability for decentralized applications. This helps enable cross-chain lending, exchanging, and collateralization of digital assets. Serum is a non-custodial spot and derivatives exchange running on an on-chain central limit order book powered by Solana.
The Ren team aims to explore more ways to decentralize the project according to CEO Taiyang Zhang. A group of node operators known within the Ren community as the “Greycore” will ultimately operate the network once it goes live to mainnet.
Zhang added that the new partnership will also have a broader impact on the blockchain space, especially Solana;
“With the ability to move ETH and ERC20s between chains will come the ability to move SOL, SRM, and other Solana-native assets between chains. This will help integrate Solana more deeply into DeFi, bringing more liquidity and utility to its applications and assets.”
Alameda Research was founded in October 2017 and currently manages over $100 million in digital assets across its various products including the FTX derivatives exchange. SushiSwap also partially came under the organization’s umbrella after a controlling element of the project was transferred to Bankman-Fried in September 2020.
Token Price Updates
Ren Protocol’s native REN token is currently trading for $0.65 building on a 10% climb in the past week. Prices for REN have doubled over the past 30 days as it moves back towards its all-time high of $0.77 on Jan. 21, 2021.
RenVM currently has an all-time high TVL of $690 million according to DeFi Pulse, placing it at eleventh in the charts. Solana’s SOL token is trading at $5.15 while Serum’s SRM has pulled back to $2.77..