Benchmark Protocol x RenVM
Benchmark Protocol is excited to announce our plans on utilizing RenVM to ensure the protocol can excel in a cross-chain environment and further, ensuring that $MARK can move seamlessly between these blockchains. Being blockchain agnostic is an important facet for $MARK, so it can be used as strong collateral regardless of blockchain.
The Ren alliance includes a consortium DeFi projects, such as Kyber Network, Aave, and Matic, as well as crypto investment firms Polychain Capital and Synapse Capital, and crypto exchange Idex.
The Focus of the Integration revolves around Utility usage
The Benchmark team is pleased to be offering another layer of valuable utility for the Benchmark Network. By integrating RenVM, the Ren Protocol allows the Benchmark ecosystem to thrive not only on Ethereum, but other layer one blockchains such as Polkadot and Binance Smart chain. Further down the road, we see RenVM as a crucial bridge to the broader capital markets as the infrastructure matures.
“When I think about Ren, the concept of creating and applying mainstream decentralized finance channels for all of crypto and creating a connection with broader capital markets is the real driver for collaboration” said Harrison Woytko, Founder of Benchmark Protocol.
About Benchmark Protocol
The Benchmark Protocol is an Uncorrelated, Liquid, VIX-denominated Collateral Utility. The protocol is a rules-based, supply-elastic collateral utility that adjusts supply based on volatility indexes (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network. The supply of MARK adjusts by tracking the movement of the CBOE volatility index.
Learn more by visiting the project website
