renBTC was a trustless, permissionless wrapped Bitcoin on Ethereum created by Ren Protocol, allowing BTC holders to lock Bitcoin in Ren’s decentralized custodian nodes (Darknodes) and receive renBTC on Ethereum for use in DeFi protocols. Unlike WBTC, renBTC required no KYC and used a decentralized darknode network for custody, positioning it as the more Bitcoin-aligned wrapped BTC option. The protocol effectively shut down in December 2023 following the collapse of its primary funder, Alameda Research.
| Stat | Value |
|---|---|
| Ticker | RENBTC |
| Price | $14,389.59 |
| Market Cap | $4.38M |
| 24h Change | +5.1% |
| Circulating Supply | 304 RENBTC |
| All-Time High | $102,983.00 |
| Contract (Ethereum) | 0xeb4c...b27d |
| Contract (Harmony Shard 0) | 0x41ca...3edd |
| Contract (Sora) | 0x0043...d538 |
| Contract (Polygon Pos) | 0xdbf3...4501 |
| Contract (Binance Smart Chain) | 0xfce1...ad8c |
How It Worked
- User sends BTC to a Gateway address controlled by Ren’s darknode network
- Darknodes (operators who staked REN tokens) collectively custodied the BTC using threshold cryptography — no single node could move funds
- User received renBTC on Ethereum, redeemable 1:1 for BTC
- To redeem: send renBTC back to Ren → release BTC from darknodes
Advantages over WBTC:
- No KYC or centralized custodian (unlike WBTC’s BitGo)
- Fully permissionless minting and burning
- Decentralized darknode security model
History
- 2018 — Ren Protocol (formerly Republic Protocol) founded; REN token launches.
- 2020 — RenVM mainnet and renBTC launch; rapid DeFi adoption.
- 2021 — Ren Protocol acquired by Alameda Research; integration with Curve, Yearn, and major DeFi.
- November 2022 — FTX collapses; Alameda Research enters bankruptcy; Ren’s funding dries up.
- December 2022 — Ren team announces winding down operations; RenVM 1.0 to be shut down.
- December 2023 — RenVM 1.0 officially shut down; renBTC minting/redemption ceases.
Legacy
renBTC’s shutdown highlighted a critical risk: even “decentralized” protocols can have centralized funding dependencies. Ren’s reliance on Alameda for operational funding meant FTX’s collapse indirectly killed the project. The approximately $12 million in BTC locked in renBTC at shutdown was redeemable through a wind-down process.
renBTC’s architecture influenced subsequent trustless wrapped BTC approaches, including tBTC (by Threshold Network) and Babylon Protocol’s Bitcoin staking.
Social Media Sentiment
renBTC’s shutdown was a notable case study discussed on X/Twitter during the FTX fallout. DeFi users who had renBTC in liquidity pools rushed to redeem. The collapse reinforced concerns about protocol funding single points of failure. renBTC is now a historical reference case for the risk of “funding-dependent decentralization.”
Last updated: 2026-04
Related Terms
Sources
- CoinGecko — renBTC — historical token data.
- Ren Project Blog — RenVM Shutdown — wind-down announcement.
- Rekt News — Ren Protocol — FTX connection analysis.