In accordance with the staff behind the open protocol Ren, builders are winding down the Ren 1.Zero community following the FTX and Alameda Analysis collapse. Final yr, underneath earlier Ren management, Alameda acquired Ren and was funding improvement each quarter. On Dec. 7, 2022, Ren builders warned Ren 1.Zero and a couple of.Zero 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.Zero Platform, Suggests Customers Bridge Again to Native Chains as Quickly as Potential
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 mission anymore. The Ren staff defined in a weblog publish that the staff solely had sufficient funds to fund improvement “till the top of This autumn.” 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.Zero community is shutting down as a result of occasions surrounding Alameda,” the Ren staff stated. “Compatibility between Ren 1.Zero and a couple of.Zero 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 individuals can test 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, printed on Nov. 18, 2022, defined that the Ren staff will “must safe further funding.” The Ren staff detailed that they assume that it’s best to sever all ties with Alameda.
“Provided that Ren 1.Zero was run underneath Alameda management which is now in chapter proceedings, the Ren improvement staff believes it’s best to sundown the Ren 1.Zero community and launch Ren 2.Zero sooner than beforehand meant, 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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