June 27, 2022

First Ren blockchain app Catalog raises $7.5 M to develop cross-chain possession metaversal exchange

2 min read

Ren Labs, creator of a procedure for cross-blockchain worth exchange, today revealed that Catalog, the first consumer application built on the Ren blockchain, has actually raised $7.5 million in a seed financing round. Created by Ren Labs, Catalog is a DeFi app powering cross and multi-chain exchange with zero gas charges.

Now with the waitlist open, Catalog aims to be the first ‘‘ metaversal’ decentralized exchange (DEX) and automated market maker (AMM) to swap fungible and non-fungible properties across any blockchain. Through connecting assets and existing liquidity securely throughout blockchains in a single, user-friendly app, Catalog offers trustless and permissionless interoperability between chains.

Catalog is a key component in Ren's plan to build an ecosystem of third-party apps on the Ren layer-0 blockchain

Catalog is a key part in Ren’s strategy to develop an ecosystem of third-party apps on the Ren layer-0 blockchain. Brochure Features With low, flat-rate processing fees of only 0.3 % per transaction, Catalog users will never ever need to stress over the high, unforeseeable, and confusing gas charges that have annoyed Ethereum users and prevented the mainstream adoption of DeFi. In addition to making it possible for token swaps throughout blockchains, users can also make interest on the possessions they keep in their Catalog accounts without having to take any additional steps such as staking or including funds to liquidity pools.

Planned functions of Catalog also include seamless on and off-ramp experiences, consisting of the ability to connect a savings account for simple deposits and withdrawals. The addition of savings account linking methods Catalog users will not require to hold any existing crypto to join the platform. Further, an user-friendly user experience will make it simple to send another user tokens just by typing their username, rather than a complex and hard-to-remember wallet address.

“We know that the future of DeFi will be cross-chain and multi-chain however there’s presently no basic, decentralized way to make deals and conduct company throughout different blockchains. Brochure solves this by connecting any user quickly to the entire DeFi community through one, extremely easy-to-use app. This is the very first of lots of applications that will be constructed on the Ren blockchain to power this borderless vision and we’re extremely excited for the future.”
– – Susruth Nadimpalli, Co-Founder of Ren Labs

Decentralized exchanges like Uniswap on Ethereum or Raydium on Solana have actually ended up being crucial to switching assets built on those specific blockchains, Catalog will make it possible for users to swap tokens on the same chain or those on other chains in seconds.

By leveraging the Ren innovation that has currently been used to process practically $10 billion in protected cross-chain swaps, Catalog benefits from the protected and complex cryptography leveraged by Ren that produces secret personal keys unidentified to even the network itself.

Led by Amber Group, investors consisted of Multicoin Capital, Alameda Research, BlockTower, Cumberland, GBV Capital, Chiron Partners, Fisher8 Capital, LedgerPrime, Bixin, ROK Capital, and PetRock Capital.

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