Ren: Cross-Chain Swaps

Currently, the cryptocurrency market is fragmented between many blockchains. The inter-blockchain era in projects such as Cosmos (Stargate release) or Polkadot (Rococo parachains testnet) has not arrived yet. And even after its start, communication will primarily be only between compatible blockchains. The largest projects such as Bitcoin and Ethereum will need to wait for special components - bridges, to exchange value with other blockchains.

Due to the growing popularity of DeFi on Ethereum, the blockchain could benefit the most from other coins' tokenization. Despite the launch of synthetic bitcoin in February 2019 from Synthetix and other cryptocurrencies later, their minting mechanism was unusual, and the liquidity was practically zero. Launched the same month, WBTC was backed up by bitcoins at BitGo and required KYC for wrapping/unwrapping, which was not very much in the spirit of decentralization.