How to Use REN protocol?

in #ren • 4 years ago (edited)

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Ren is a protocol is aimed to port assets across different blockchains using the RenVM. Ren allows users to deposit native assets (BTC, BCH, ZEC) and receive an Ethereum-wrapped flavor in return.

How to use Ren?

1.Connect your Huobi Wallet to Ren via WalletConnect. Enter the amount of tokens you’d like to convert (we use Bitcoin) and tap ‘Confirm’. The modal shows the ETH address (in Huobi Wallet) which the renTokens will be sent to. Review and confirm the information.

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2.After confirming, you will receive a one-time deposit address to send your BTC to. Send the exact amount of Bitcoin you chose (in this case 0.01 BTC).

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3.After depositing, you will have to wait for 6 network confirmations. Please note that this could take up to an hour. Once deposited, you’ll need to do one final step of ‘Withdraw’ your newly minted renBTC to your wallet. Accept the transaction and you now have an Ethereum-wrapped version of Bitcoin.

#renprotocol #defi #tutorial
4 years ago in #ren by
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