In response to the staff 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 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 Attainable
The present staff behind the Ren protocol, a platform that permits customers to tokenize crypto belongings 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 staff defined in a blog post that the staff solely had sufficient funds to fund growth “till the tip of This autumn.” On Wednesday, the official Ren Twitter account warned customers about attainable 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 staff stated. “Compatibility between Ren 1.0 and a couple of.0 can’t be assured, [and] holders of Ren belongings ought to bridge again to native chains ASAP, or danger dropping them,” the staff added.
Ren devs additional left a hyperlink to the place folks can examine if they’re holding Ren belongings on EVM chains and Solana. The Ren staff 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 staff will “must safe further funding.” The Ren staff detailed that they suppose 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 staff 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 staff’s weblog publish notes.
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