Users of the Ren protocol threat shedding their assets if they do not act ahead of the undertaking updates the merchandise to the new model.
The Ren Protocol blockchain interoperability undertaking has explained that the approaching Ren two. improve to the platform’s present merchandise, Ren one., may well not be compatible. Therefore, the Ren protocol encourages consumers to speedily transfer representative tokens across the Ren bridge in exchange for their assets underlying the unique chain if they do not want to drop their assets.
one) Important observe ⚠️
As previously announced, the Ren one. network is shutting down due to the occasions surrounding Alameda
Since compatibility involving Ren one. and two. are unable to be assured, holders of Ren assets really should switch back to native chains ASAP or threat shedding them! https://t.co/20vpGBc8W0
— Ren (@renprotocol) December 7, 2022
Like lots of other bridges, Ren will allow consumers to send cryptocurrencies from the major chain (e.g. BTC to Bitcoin) in exchange for a Ren-encoded representative token (e.g. renBTC), which circulates on Ethereum. This offers native token holders entry to applications, costs, and transaction speeds obtainable on other blockchains.
The update to Ren two. aims to make Ren an open supply and local community-managed undertaking and to sever all ties with the Alameda Research investment fund. In 2021, in reality, the undertaking was acquired and funded by Alameda Research from February 2021.
While the improve method is nevertheless ongoing, the Ren improvement group chose to accelerate the transition soon after Alameda Research and FTX went bankrupt in November 2022. With this demise, Ren Protocol uncovered that there are now only ample money to retain Ren one. right up until the finish of 2022. In a Nov. 18 statement, the improvement group explained:
“Marking a turning point is the termination of Alameda Research’s involvement in the project by deactivating Ren 1.0 in order to protect the reputation, integrity and long-term prospects of the Ren ecosystem.”
one) We a short while ago launched an update on how Ren will move forward from Alameda: https://t.co/VFEYHbjZmz
— Ren (@renprotocol) November 20, 2022
Also, the undertaking notes that soon after the closure of Ren one., it is not achievable to mint and burn up wildcards on this model. Upon obtaining the information and facts, MakerDAO speedily eliminated renBTC from the collateral pool for DAI.
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