Ren 2.0: Open Protocol Supports New Multi-Chain Application Development

Author: Ren

Compiled by: ChainCatcher

Today, we are excited to introduce the next iteration of Ren in this emerging multi-chain world. Ren 2.0 is an open protocol that supports the development of new multi-chain applications powered by EVM—creating a new world full of opportunities through Ren's powerful bridging technology.

Since its initial announcement at the end of 2018, the Ren protocol has reached a level of technical maturity. Originally supporting BTC, BCH, and ZEC on the Ethereum mainnet, the protocol now supports a wide range of assets across smart contract chains, such as Arbitrum, Polygon, Solana, and more. This multi-chain support enables interoperability between the largest and most active ecosystems in the entire crypto space. In addition, two significant upgrades have recently been deployed:

In terms of adoption, the protocol's historical transaction volume has exceeded $12 billion, and the ecosystem has major integration partners like Varen and ZeroDAO, offering unique cross-chain services powered by Ren. The Catalog will also prove to be a key liquidity driver for the Ren ecosystem as it begins to roll out in phases for the remainder of this year.

With the integration of Optimism, Kava, and Moonbeam completed, we have begun preparing for the next version of Ren—Ren 2.0.

In this exciting new chapter we are about to embark on, Ren 2.0 will serve as the network driving the development of the Ren ecosystem. Its main advancements will be decentralization and security, supporting general application logic on top of Ren, improved MPC algorithms, greater scalability to support more signature schemes, and optimized token economics to further adjust incentives for ecosystem participants. These are extensive upgrades to our core technology. Therefore, they will be deployed on a new network. The existing Ren ecosystem will continue to operate as is but will eventually migrate to Ren 2.0. This blog will provide an overview and roadmap for Ren 2.0.

Ren 2.0 will be decentralized at launch, meaning anyone with enough REN to start a validator will be part of the execution nodes that protect and run the network. It will utilize a flexible round-optimized Schnorr threshold (FROST) signature scheme to achieve greater scalability through such a large decentralized network. The use of FROST allows for greater scalability as it significantly reduces network overhead during signature operations. Since it is an extension of Schnorr, there are also no limitations on the security threshold. Implementation is currently underway and can be tracked here.

Discussions about hosting fees (stale fees) are also ongoing, which will be formalized through a governance process to better align incentives for protecting the network.

The secret weapons that make up Ren 1.0 are gradually being open-sourced, such as MPC, Shamir, Airwave, Hyperdrive, and Multichain infrastructure. With Ren 2.0, all code will be open-sourced from day one, including the new Darknode client and the new FROST signature scheme, opening Ren to a larger global contributor community and evolving Ren into a decentralized public goods multi-chain infrastructure, regulated by RenDAO and node operators.

RenEVM is an Ethereum-based Darknode plugin that allows arbitrary programs to be deployed on top of the Ren blockchain to leverage any asset supported by Ren. This means that Ren will not only support minting and releasing assets across blockchains but also support smart contracts that can power any type of application, whether cross-chain or not. Native cross-chain transactions, lending, and derivatives can run on top of Ren, drawing liquidity from every blockchain supported by Ren, creating a richer DeFi ecosystem for users.

RenEVM will use an authoritative consensus model proof, allowing any participant from the Darknode operator pool. Darknode operators will receive a share of the fees from all activities on RenEVM, incentivizing a large and secure network.

The gas asset in this execution environment will be REN. In a design similar to Ethereum, we initially propose to burn 50% of transaction fees to introduce deflationary pressure into the protocol. Detailed proposals regarding Ren 2.0's token economics will be published on the Ren forum.

Check the progress of RenEVM here and join the community to stay updated.

The first major component of Ren 2.0 will be the implementation of RenEVM and FROST. These are key prerequisites for the release of Darknode 2.0. Both components are nearing completion, with the current focus on testing.

By the end of this year, a new Darknode client supporting Ren 2.0 will be released on Chaosnet—a pre-production environment that allows the community to purposefully stress-test the network and incentivize its resilience under real-world conditions.

As Chaosnet undergoes real-world testing and confidence in the network's security and activity reaches a sufficient level, the launch of the Ren 2.0 mainnet will begin. It will initially run in parallel with the current Ren 1.0 network and gradually phase out the TVL restrictions. When Ren network operators, the community, and the ecosystem have sufficient confidence in the security and robustness of the new architecture, the network will merge, completing the full transition to Ren 2.0.

With the transition to Ren 2.0, Ren will undergo the most extensive upgrade to date, laying the foundation for the future of multi-chain—a limitless open space supported by decentralized multi-chain infrastructure.