RenaSwap is Here!
Today marks the start of a very long journey and the foundation for a new DeFi ecosystem. Our community has been patiently awaiting this moment and we are thankful for the support. The good news is that RenaSwap is ready and so is our documentation. For a deeper understanding of any of the concepts described here, please see our extensive Gitbook documentation.
Rena Finance Website
RenaSwap’s First Pair (ITS/rETH)
ITS is the first ever token to be listed on RenaSwap in an rToken pair. The ITS/rETH pair is now live on the Ethereum main net and can be interacted with on rena.finance.
There’s been a few big changes to the way the ITS token transaction fees are utilized. This part is exciting! Here’s what you need to know:
- The ITS transaction fees are now being transferred to the ITS/rETH pair on RenaSwap and are no longer being distributed to liquidity providers. This will lead to the ITS Rebalancer accumulating ETH until the RENA Reservation Event completes and the RENA token is deployed.
- At that point, RenaSwap will use half of this accumulated ETH to market buy ITS, create ITS/ETH LP tokens, and send them to the ITS Rebalancer. This means that as soon as the RENA token is launched, then the ITS Rebalancer will have plenty of fuel.
- From here on out, all trades on the ITS/rETH RenaSwap pair will send the extracted ETH to the ITS Rebalancer, which will then be paired into LP tokens to grow ITS/ETH liquidity and refill the ITS Rebalancer.
ITS/rETH is the first of four single-sided RenaSwap pairs. The RenaSwap token wrapper extracts ETH that is traded for ITS and replaces it with rETH. This maintains the exchange rate within the pair and allows for the ETH to be extracted and used to refill the ITS Rebalancer’s LP tokens.
Once the RENA token goes live, the ITS token will also be influenced by the ITS/rRENA pair and the RENA/rITS pair. We believe the addition of these pairs will create an increase in the volume and liquidity while decreasing the circulating supply of ITS.
RENA Reservation Event
The RENA Reservation Event will be a 5-day event, and during this 5-day event anyone can reserve RENA tokens with ETH. The Reservation page is currently live on the Rena Finance website with a countdown to the start of the event. The rest of the details can be found in the Gitbook.
The days prior to the Reservation Event will be dedicated to community education about RenaSwap and the RENA token. Keep your eyes peeled for upcoming news about additional planned events during this time.