renBTC
RENBTC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
RENBTC (renBTC) is an ERC-20 tokenized Bitcoin asset that is functionally deprecated, abandoned, and in terminal decline. Active Development had insufficient data (-1.0) and was excluded from the weighted score calculation. Across the remaining sections, the asset exhibits extreme signs of decay: circulating supply has collapsed by over 97% to ~300 tokens, governance and community activity have ceased entirely, MakerDAO offboarded the asset, and the custody/mint-burn backing mechanism has severely deteriorated with broken price feeds and depegging issues. While the underlying smart contracts historically underwent an audit by ChainSecurity, the protocol's abandonment leaves remaining holders exposed to severe structural and liquidity risks.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About renBTC (RENBTC)
RENBTC (renBTC) is a deprecated and abandoned tokenized Bitcoin asset originally issued via the Ren Protocol. Launched in May 2020 on Ethereum—with bridged deployments on BNB Chain and Polygon—the asset was designed to introduce Bitcoin liquidity into decentralized finance ecosystems. renBTC operated on a 1:1 mint-and-burn mechanism supported by Ren's darknode network, allowing users to deposit native BTC in exchange for ERC-20 wrapped tokens without a conventional supply schedule or team token allocation.
The Ren Protocol was founded by a team that included CEO Taiyang Zhang and CTO Loong Wang, and its underlying Ethereum smart contracts previously underwent a security audit by ChainSecurity covering darknode registration, payments, and cross-chain token swaps. However, governance activity on platforms like DefiLlama ceased around September 2022, and all active development, community channels, and governance proposals have since been discontinued.
Following its abandonment, renBTC experienced terminal decline, leading to ecosystem exits such as MakerDAO removing renBTC via governance. The token's circulating supply collapsed by roughly 97% to 98% from a peak above 14,000 BTC down to approximately 300 to 330 tokens. The 1:1 custody mechanism deteriorated, causing severe price feed divergence and depegging, with reports from July 2025 indicating trading levels at roughly 25% of BTC parity. While renBTC's core smart contracts had no direct native exploit history, it remained exposed to third-party integration risks, such as a June 2026 exploit of the Aztec protocol that resulted in the theft of approximately $2.15 million in assets, including 0.46 renBTC.