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

According to the squad down the unfastened protocol Ren, developers are winding down the Ren 1.0 web pursuing the FTX and Alameda Research collapse. Last year, nether erstwhile Ren leadership, Alameda acquired Ren and was backing improvement each quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.0 compatibility “cannot beryllium guaranteed” and Ren users should span backmost to their autochthonal chains.

Alameda-Backed Ren Warns of Losses Tied to Ren 1.0 Platform, Suggests Users Bridge Back to Native Chains arsenic Soon arsenic Possible

The existent squad down the Ren protocol, a level that allows users to tokenize crypto assets similar bitcoin (BTC) and bitcoin currency (BCH), has announced it is sunsetting Ren 1.0. The crushed for the determination is due to the fact that Ren was acquired by Alameda successful Feb. 2021 and Alameda won’t beryllium backing the task anymore. The Ren squad explained successful a blog station that the squad lone had capable funds to money improvement “until the extremity of Q4.” On Wednesday, the authoritative Ren Twitter relationship warned users astir imaginable losses related to Ren 1.0.

“Important announcement — As announced previously, the Ren 1.0 web is shutting down owed to the events surrounding Alameda,” the Ren squad said. “Compatibility betwixt Ren 1.0 and 2.0 cannot beryllium guaranteed, [and] holders of Ren assets should span backmost to autochthonal chains ASAP, oregon hazard losing them,” the squad added.

Ren devs further near a nexus to wherever radical tin cheque if they are holding Ren assets connected EVM chains and Solana. The Ren squad besides shared a URL that directs to the span truthful users tin span backmost to autochthonal chains. The blog post, published connected Nov. 18, 2022, explained that the Ren squad volition “need to unafraid further funding.” The Ren squad elaborate that they deliberation that it is champion to sever each ties with Alameda.

“Given that Ren 1.0 was tally nether Alameda enactment which is present successful bankruptcy proceedings, the Ren improvement squad believes it is champion to sunset the Ren 1.0 web and motorboat Ren 2.0 earlier than antecedently intended, to guarantee the Ren ecosystem’s information and integrity, astatine the tradeoff of a shorter disruption of service,” the team’s blog station notes.

What bash you deliberation astir Ren sunsetting Ren 1.0 aft the FTX and Alameda collapse? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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