In response to the workforce behind the open protocol Ren, builders are winding down the Ren 1.0 community following the FTX and Alameda Analysis collapse. Final yr, below earlier Ren management, Alameda acquired Ren and was funding improvement each quarter. On Dec. 7, 2022, Ren builders warned Ren 1.0 and a couple 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 workforce behind the Ren protocol, a platform that permits customers to tokenize crypto property like bitcoin (BTC) and bitcoin money (BCH), has introduced it’s sunsetting Ren 1.0. The rationale for the transfer is as a result of Ren was acquired by Alameda in Feb. 2021 and Alameda gained’t be funding the venture anymore. The Ren workforce defined in a weblog publish that the workforce solely had sufficient funds to fund improvement “till the top of This fall.” On Wednesday, the official Ren Twitter account warned customers about potential losses associated to Ren 1.0.
“Necessary discover — As introduced beforehand, the Ren 1.0 community is shutting down because of the occasions surrounding Alameda,” the Ren workforce mentioned. “Compatibility between Ren 1.0 and a couple of.0 can’t be assured, [and] holders of Ren property ought to bridge again to native chains ASAP, or danger shedding them,” the workforce added.
Ren devs additional left a hyperlink to the place folks can test if they’re holding Ren property on EVM chains and Solana. The Ren workforce additionally shared a URL that directs to the bridge so customers can bridge again to native chains. The weblog publish, revealed on Nov. 18, 2022, defined that the Ren workforce will “must safe further funding.” The Ren workforce detailed that they suppose that it’s best to sever all ties with Alameda.
“On condition that Ren 1.0 was run below Alameda management which is now in chapter proceedings, the Ren improvement workforce 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 workforce’s weblog publish notes.
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