Based on the workforce behind the open protocol Ren, builders are winding down the Ren 1.0 community following the FTX and Alameda Analysis collapse. Final 12 months, below 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 Doable
The present workforce behind the Ren protocol, a platform that enables 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 gained’t be funding the mission anymore. The Ren workforce defined in a weblog put up that the workforce 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.
“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 pair of.0 can’t be assured, [and] holders of Ren belongings ought to bridge again to native chains ASAP, or threat shedding them,” the workforce added.
Ren devs additional left a hyperlink to the place individuals can verify if they’re holding Ren belongings 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 put up, revealed on Nov. 18, 2022, defined that the Ren workforce will “have to safe further funding.” The Ren workforce detailed that they assume 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 growth workforce believes it’s best to sundown the Ren 1.0 community and launch Ren 2.0 sooner than beforehand meant, to make sure the Ren ecosystem’s security and integrity, on the tradeoff of a shorter disruption of service,” the workforce’s weblog put up notes.
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