Republic Protocol (REN) Shoots Up after Binance Listing
Snippet: Binance has listed a controversial project whose aims include allowing hidden order books and dark pool decentralized exchanges.
Republic Protocol (REN) is feeling the Binance effect after the announcement of a listing caused a spike in volumes and a significant price pump. The project has a controversial aim, especially at a time when exchanges are aiming for utter transparency. Republic Protocol is looking to build a tool for decentralized exchanges to allow for dark pool trading.
Dark pools offer the opportunity to pass large orders through hidden books. The move to list Republic Protocol comes days after Binance announced its plans to launch a decentralized exchange on its own blockchain.
Hours before REN debuted on Binance, other exchanges saw a boost in trading and prices. REN reached $0.026, up more than 40% in the past day alone, with the pump starting around 2:30 UTC on December 6. Its volumes also ballooned immediately, going from below $100,000 to above $1 million in 24 hours. Arriving in the spring of 2018, this previously obscure digital asset may be in for a revival.
REN peaked above $0.12 in May 2018, during the secondary altcoin rally, but the price tanked later and drifted sideways until getting a fillip by the news of reaching Binance.
The asset will trade in the usual pairs of REN/BNB and REN/BTC, so far with no pair in the stablecoin market. Binance has also created an educational profile for REN.
Republic Protocol will roll out its beta mainnet in January 2019, creating a network of Darknodes. Initially, the project team will run some nodes for the network, but the first Darknode owners will be guided through the setup and support process to ensure network stability and enough nodes to avoid attacks, the team explained in a recent blog post.
The protocol will use the first generation of darknodes to test several structures for distributing fees from dark pools trading. Participants running nodes will need to see adequate profitability to keep supporting the network.
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