Seems so.

Ever since Bitcoinica I've been sort of leery of operations that use Bitcoin and other cryptocurrency to synthesize weird financial derivatives, so I can't exactly say that I'm bullish on Ethereum's DeFi story in particular.

But the general ability to do other interesting Ethereum autowallet/smart contract stuff with bitcoins is very tempting, and it's nice that there's an alternative to WBTC gaining traction to allow bitcoins into that execution environment. Almost like Ethereum doing the job of an L2/sidechain on top of Bitcoin.

I wish the Ren people were more specific about how RenVM "gets" the private keys to sign off on releasing escrowed bitcoins, though. They claim it's trustless, but Bitcoin sigscripts are simplistic enough that making that true would take some seriously clever tech.