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Minting Synthetic Bitcoin Cash, Ren Protocol Improved Inter-Blockchain Liquidity

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Written by   6
1 year ago

The ecosystem of Defi (decentralized financing) grew very little in 2020, and the Ren Protocol has seen an overall increase. For several difficult applications, it is the feature that helps individuals to achieve inter-blockchain liquidity.

The ecosystems of defiance (decentralized financing) grew very little in 2020, and the Ren Protocol has seen an overall increase. For several difficult applications, it is the feature that helps individuals to achieve inter-blockchain liquidity.

In the cryptocommunity, the Ren Protocol, a blockchain - based (defi) finance, creates waves. The cause is that Ren-VM's total locked value is currently over $146 million worth of BTC (12,600)

The Ren protocol works with both zcash (ZEC) and Bitcoin cash (BCH) since it provides three blockchain cross-chained skills and is then linked with Ethereum.

The thread will only reveal you how simple it is to use the defi platforms.

The website bridge.renproject.io/ is required for Ren-driven artificial BCHs, zcash (ZEC), and BTC users. Especially important, RenBCH resembles renBTC, which is a fake BTC cash form.

The tokens can be purchased on various defi applications like Slope or Uniswap.

From $3to $6 per transaction is not for anyone capturing many defi apps to develop an obscure flash credit out of 6,000 USDCs. In a test, only $1 was minted with the BCH value for the system, and the amount with prevailing gas rates is not recommended.

The Ren developers recommend using BTC, BCH or ZEC for over 10 dollars. But now it's done with fees; it's the person who should pay a lot more for the value. In this trial the intelligent deal took 6.52 dollars in gas and the minting process required a small charge.

Although Ethereum (ETH) has large fees, some traders may take advantage of numerous transactions such as flash credits that use a mix of defi applications to make substantial profit. One individual carried this trade with tens of thousands of bucks is unimportant in the amount of a $3-6 Gwei fee.

For this goal, the very first step that you must take is to accumulate some ethereum (ETH), bitcoin cash (BCH) and to make a wallet with Metamask. A BCH-compatible wallet is also required, and you can then access the web.

Following these moves, you can link to the Ren Bridge with your Metamask wallet. The Ren Bridge is then used to mint renBTC, renBCH or renZEC if the wallet is connected.

The app enables you to pick the desired asset, quantity and destination order for the 0,0030 BCH minting in RenBCH, as in the experiment. The window shows you the number of address 0,002797 submitted to the experiment by the address holder.

The process requires 15 confirmations by using the Ren protocol for the minting of BCH. You must send connections to the Ethereum Network after these confirmations. The payment for BCH is thus finished to renBCH.

Thank for reading fellow reader !

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Written by   6
1 year ago
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Comments

Thanks for your information. But generally I don't like all contract like. Erc 20 due to gasfee. As for defi am in love with it. But the gas fee in some contract is issues too.

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