Ren Protocol upgrade: A breakthrough amid the turmoil of Binance

After more than 10 months of silence, Ren Protocol announced on social media that they have made progress on the long-awaited v2 network upgrade. However, today...

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After more than 10 months of silence, Ren Protocol announced on social media that they have made progress on the long-awaited v2 network upgrade. However, today Binance removed the REN Token from the list, and the community criticized this “announcement” as a liquidity harvesting scam.

Prominent commenters such as ZachXBT have expressed deep skepticism about Ren Protocol’s development, and the company’s reputation has collapsed along with its token value.

Ren Protocol Removed

In a surprise move, Ren Protocol has updated on social networks for the first time in over 10 months. The company has been talking about upgrading Ren v2 for a while now, promising that work is continuing and there will be more announcements in the near future. Ren Protocol initially announced it would retire its 1.0 network in 2022, but there appears to be no concrete move to replace it.

However, the community immediately discovered a more skeptical explanation for this update. On the same day, leading exchange Binance announced that the REN Token would be delisted. After December 10, Binance users will not be able to trade, deposit, or withdraw REN Tokens. The value of this property has dropped sharply since then.

REN Price Collapse After Binance Delisting — REN’s price performance. Source: TinTucBitcoin

In other words, Ren Protocol has been completely silent for almost a year, and made vague promises of development in the face of an approaching disaster. Some community figures have publicly accused these developers of running a scam: they would promote short-term liquidity growth through social media promotion.

“Sounds like you’re harvesting liquidity to sell off to be honest. Where can I read about this development?” one user said.

Even the famous on-chain detective ZachXBT criticize this project. ZachXBT’s criticism of this announcement is especially notable, as he is famous for his ability to expose scams. Most of the comments on Ren Protocol’s original post echoed this sentiment.

In other words, even though the developers have indeed made significant strides in upgrading v2, Ren Protocol’s reputation has suffered serious damage.