According to the team behind the open protocol Ren: Developers are scaling back the Ren 1.0 network following the demise of FTX and Alameda Research. Last year, under Ren’s previous leadership, Alameda acquired Ren and was funding development on a quarterly basis. On December 7, 2022, Ren developers warned that compatibility between Ren 1.0 and 2.0 “cannot be guaranteed” and Ren users will have to revert to their native chain.
Alameda-backed Ren warns of losses related to Ren 1.0 platform and suggests users return to native chains as soon as possible
Behind Ren protocol One current team announced the deprecation of Ren 1.0, which allows users to tokenize crypto assets such as Bitcoin (BTC) and Bitcoin Cash (BCH). Did. The reason for the move is that Ren will be acquired by Alameda in February 2021, and Alameda will no longer fund the project. In a blog post , the Ren team explained that the team only had enough money to fund development “until the end of the fourth quarter.” On Wednesday, Ren’s official Twitter account warned users of the potential losses associated with Ren 1.0.
“Important Notice — As previously announced, the Ren 1.0 network will be shut down due to the events surrounding Alameda,” said the Ren team. “Compatibility between Ren 1.0 and 2.0 cannot be guaranteed, [and] owners of Ren assets should switch back to the native chain as soon as possible or risk losing their Ren,” the team added. rice field.
Ren’s devs also left a link to where you can check if you have your Ren assets in the EVM chain and Solana. The Ren team also shared a URL that directs them to the bridge so that users can bridge back to the native chain. A blog post published on November 18, 2022 explained that the Ren team “needs to secure additional funding.” Ren’s team detailed that they believe it is best to sever all ties with Alameda. Given the recent developments, the Ren development team believes it would be best to retire the Ren 1.0 network and launch Ren 2.0 earlier than previously planned. We need to sacrifice service interruptions for a short time,” the team’s blog post said.
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