The fiasco of FTX and its company Alameda Research has many collateral victims. Among these, Ren Protocol, the crypto protocol dedicated to inter-chain interoperability. However, Ren crypto is moving forward and accelerating its ongoing projects.
End of Alameda Research funding for Ren Crypto
Alameda Research, an affiliate of the FTX exchange, was a backer of a large amount of crypto projects. In fact, it was not uncommon to find his name among the participants in fundraising.
Alameda funded promising projects like the Ren protocol. Much more than a financier, the company even bought the entire protocol in 2021.
Based on interoperability, the project evolved thanks in particular to financial contributions from Sam Bankman-Fried’s company.
Since its capitulation last month, Ren crypto finds itself without a safety net and announced three weeks ago that it has only enough funds to guarantee the end of the year 2022.
In this context, it is difficult to be optimistic. However, Ren’s team quickly decided to find new investors and complete its flagship project – Ren 2.0.
This update has the great advantage of being open source and built on a governance model that allows the community to fully control the protocol.
It is therefore easy to understand that this project has become a priority for Ren, which thus offers itself in total freedom from the Alameda company.
Thus it allows to cut ties so that the shadow of FTX/Alameda no longer hangs over the entire protocol. This, both in terms of financing and image.
Ren crypto accelerates its migration to REN 2.0
Announced for mid-2023, the REN 2.0 project was then the priority for the project team and is now complete.
However, the latter wanted to warn its community and its users about this update.
Indeed, Ren 2.0 does not guarantee compatibility with its predecessor. Users could then lose all of their assets on the protocol.
To avoid creating a panic wave, the platform invites them to quickly transfer their tokens via the Ren Bridge to the original chain.
Based on Ethereum, Ren allows its users to deposit cryptocurrency from its native blockchain in exchange for a token representation of the asset in the form of renBTC for Bitcoin.
This allows holders of any cryptocurrency to enjoy the benefits of other blockchains.
To notice
The shutdown date of Ren 1.0 is not yet known but it should happen very soon, before the end of the year.
So, if you have Ren assets, proceed without further delay to transfer your assets or you run the risk of loss when migrating to Ren 2.0.
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