- RenVM will use the Proof-of-Reserve to audit its cross-chain assets; initially supported assets will be renBTC, renBCH and renZEC
- The integration is currently live on the testnet and will soon launch on the mainnet
- By using the solution, REN boosts its security by ensuring that every cross-chain asset is backed by a corresponding asset on the native chain
- DeFi dapps can also automate checks on the current collateralization of Ren assets
- There is currently 25,457 renBTC on Ethereum, according to Dune Analytics
- Institutional platform BitGo also announced on October 2 that it would use the Proof-of-Reserve mechanism to audit $1 billion in wrapped Bitcoin to ensure reserves
Ren Protocol Adopts Chainlink's Tech to Improve renBTC's Transparency
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