In response to the crew behind the open protocol Ren, builders are winding down the Ren 1.0 community following the FTX and Alameda Analysis collapse. Final yr, underneath earlier Ren management, Alameda acquired Ren and was funding growth each quarter. On Dec. 7, 2022, Ren builders warned Ren 1.0 and a pair of.0 compatibility “can’t be assured” and Ren customers ought to bridge again to their native chains.
Alameda-Backed Ren Warns of Losses Tied to Ren 1.0 Platform, Suggests Customers Bridge Again to Native Chains as Quickly as Potential
The present crew behind the Ren protocol, a platform that enables customers to tokenize crypto property like bitcoin (BTC) and bitcoin money (BCH), has introduced it’s sunsetting Ren 1.0. The explanation for the transfer is as a result of Ren was acquired by Alameda in Feb. 2021 and Alameda received’t be funding the undertaking anymore. The Ren crew defined in a weblog submit that the crew solely had sufficient funds to fund growth “till the top of This autumn.” On Wednesday, the official Ren Twitter account warned customers about doable losses associated to Ren 1.0.
“Essential discover — As introduced beforehand, the Ren 1.0 community is shutting down because of the occasions surrounding Alameda,” the Ren crew mentioned. “Compatibility between Ren 1.0 and a pair of.0 can’t be assured, [and] holders of Ren property ought to bridge again to native chains ASAP, or danger shedding them,” the crew added.
Ren devs additional left a hyperlink to the place folks can examine if they’re holding Ren property on EVM chains and Solana. The Ren crew additionally shared a URL that directs to the bridge so customers can bridge again to native chains. The weblog submit, revealed on Nov. 18, 2022, defined that the Ren crew will “have to safe further funding.” The Ren crew detailed that they assume that it’s best to sever all ties with Alameda.
“On condition that Ren 1.0 was run underneath Alameda management which is now in chapter proceedings, the Ren growth crew believes it’s best to sundown the Ren 1.0 community and launch Ren 2.0 sooner than beforehand supposed, to make sure the Ren ecosystem’s security and integrity, on the tradeoff of a shorter disruption of service,” the crew’s weblog submit notes.
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