A Decentralized Platform for Multiple Blockchains

RenQ Finance offers a wide range of DeFi products and services including lending and borrowing, trading, and staking. It enables whole new asset classes whose value is derived from blockchain-based assets.

It is built on a variety of blockchain networks like Ethereum, Polygon, and Solana. This facilitates the user to select a wide range of DeFi products and services in one place. They increase the market efficiency for the underlying asset by facilitating price discovery and permitting individuals to express more nuanced opinions on price and volatility.

What is the Need for Decentralization?

The centralized exchanges can lead to market manipulation and instability and DeFi appears as the solution to the problem. The importance of DeFi is that it offers better transparency as it is on the blockchain so the transactions can easily be traced. It is capable of increasing the customer base as it offers easy access to those customers who are incapable of reaching out to banks or do not have bank accounts.

There are no intermediaries in the DeFi system hence it reduces the costs of transactions and fees of intermediaries. They also have increased security and privacy. DeFi is on blockchain hence enhanced security and protection are guaranteed.

There is a huge need for decentralization as it avoids putting control in the hands of a few entities. In this system, no one has to trust anyone else. Each member of the network has the same data in the form of a distributed ledger. If the member’s ledger is corrupted or altered then it will be rejected by the majority of the members in the network.

Mission and Features of RenQ Finance

RenQ Finance aims to bridge the gap between decentralized and centralized exchanges. It is focused on offering benefits of both worlds. The project also wants to solve the liquidity problem in DeFi. This is the reason for the hindrance in the growth and adoption of decentralized exchanges.

It uses a hybrid infrastructure which combines the on-chain and off-chain elements. This approach offers advantages like institutional-grade trading, liquidity, and free transactions.

RenQ consists of a DeFi wallet, cross-chain swaps, lending protocol, and exchange. It also provides cross-chain compatibility which offers interoperability between different blockchain networks. This also opens the opportunities for users to access the assets from different blockchains and facilitates seamless transactions.

The governance on this platform is community-driven which gives users a voice in making projects decisions and developments. The community of RenQ played an important role in the platform’s fundraising success. It has a unique approach towards liquidity and a variety of financial products and support from well-known investors and industry experts. RenQ has managed to raise $13 Million in the short term.

RenQ Token

RenQ token is the governance token of RenQ Finance. It is initially deployed on the Ethereum blockchain as an ERC-20 token. It is designed to bridge across multiple chains. It has a market cap of about $9.87 Million. The self-reported circulating supply is 1 Billion RenQ. The maximum supply is 1 Billion RenQ. The fully diluted market cap is $9.94 Million.

It has a strict maximum supply of just $1 Billion, with 500 Million of those allocated to the presale. It has a hard cap of 19.3 Million. On presale tokens, there will be no vesting period. Another 15% of the supply has been allocated for exchange listings and liquidity.

The other 350 Million tokens are divided into the development of the ecosystem (35% of the max supply), staking pools (10%), vaults (10%), farms (10%), and the team (5%). These tokens will be vested and linearly unlocked between 36 and 48 months.

How RenQ Works

Different types of smart contracts are used to facilitate transactions and manage assets in RenQ. Smart contracts are stored on the blockchain and are self-executing. They are used to automate a broad range of tasks including financial transactions. When users deposit assets into RenQ finance, their assets are stored in smart contracts.

Users then can use their assets to lend, burrow, or trade other assets. All transactions on RenQ finance are processed and verified by the blockchain network.

How to Use RenQ Finance

To use the RenQ Finance users have to create an account and deposit the asset. The deposition of the asset gives the facility to access different DeFi products and services that RenQ Finance offers.

Selection of the lending market is required for participation or for lending the assets. After this, mention the amount of assets that the user wants to lend. The user will earn interest on assets as other users burrow them.

Similarly for trading the asset selection of the trading market is necessary. Select the trading market, and assign the order type and the price at which the trade has to be done. RenQ Finance will then execute the trade if it is matched by another user’s order.

To initiate yield farming, the selection of the liquidity pool is required. Mention the amount of assets for staking. This will make users capable of earning rewards in the form of trading fees.