RenDOGE is a wrapped token running on the Ethereum blockchain. It forms part of the Ren project. At the moment, cryptocurrencies tend to be compatible on just one blockchain, and to use them on other blockchains requires a long process of transferring assets. The Ren project was created to resolve this issue. It is an open protocol for permissionless cross-chain exchange to enable the movement of tokens from one blockchain to another, aiming to provide seamless interoperability across DeFi applications. With this goal in mind, the token renDOGE was created as a representation of Dogecoin on the Ethereum blockchain.

 The company behind RenDOGE, Ren, was founded in 2017 by Taiyang Zhang and Loong Wang. The company originally named itself Republic Protocol but in 2019 it rebranded to Ren. In addition to renDOGE, it has created other tokens as part of its project for cross-chain exchange, including renBCH, renZEC, and renBTC. It plans to launch further tokens in the future.

What are renDOGE’s key features and how does it work?

RenDOGE is minted on the Ren platform by using Ren’s virtual machine (renVM), an sMPC network. This is a scalable network that is designed to power Ren’s interoperability goals in a user-friendly way. It works to allow any user, anywhere in the world and at any time to send Dogecoin to a RenVM address. The DOGE tokens are then accepted and locked into smart contracts, using Ren’s RenBridge mechanism. RenDOGE coins are then minted to represent the value of the original DOGE. The original coins are held in storage and it is possible to convert them back to the original DOGE using a simple process. A user must send the renDOGE back to the RenVM address and in doing so, the coins are burnt. Upon completion, the native DOGE coins are sent back to the user. This process can be completed without using a KYC, meaning users are ensured high levels of privacy.

What is noteworthy about renDOGE?

Many wrapped coins that seek to facilitate cross-chain exchange utilize centralized custodian setups. Instead, the Ren Project is unique, utilizing a decentralized setup. For example, RenVM stores DOGE in a decentralized network of nodes named Darknodes. This is a network of thousands of independently run machines. A Darknode can be operated by anyone, providing they stake at least 100,000 REN tokens into Ethereum smart contracts.

RenDOGE has potential for users looking to use DOGE for more versatile purposes. It allows holders of the token to access and engage with the vast array of DeFi applications, services, and protocols on the Ethereum blockchain with only one transaction and without having to sell their assets.

Where can you buy renDOGE?

renDOGE is available to buy from the CEXs and DEXs as listed here. Some options include Uniswap and Sushiswap and the price of renDOGE will vary depending on the exchange. Given the price of renDOGE is pegged to Dogecoin, its price maintains a value close to Dogecoin’s market rate, the price of renDOGE is therefore dependent on interest in Dogecoin. 

For more detailed price information please view the charts above.