Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform

Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform

Alameda-Funded Ren Tells Users to 'Bridge Back to Native Chains' as It Sunsets 1.0 Platform

According to the crew behind the open protocol Ren, builders are winding down the Ren 1.0 community following the FTX and Alameda Research collapse. Last 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 Users Bridge Back to Native Chains as Soon as Possible

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 motive 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 crew defined in a blog post that the crew solely had sufficient funds to fund growth “till the top of This fall.” On Wednesday, the official Ren Twitter account warned customers about attainable losses associated to Ren 1.0.

“Important discover — As introduced beforehand, the Ren 1.0 community is shutting down as a result of 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 threat 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, printed on Nov. 18, 2022, defined that the Ren crew will “have to safe further funding.” The Ren crew detailed that they suppose that it’s best to sever all ties with Alameda.

“Given that Ren 1.0 was run below 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.

What do you consider Ren sunsetting Ren 1.0 after the FTX and Alameda collapse? Let us know what you consider this topic within the feedback part beneath.

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