DeFi crypto platform Ren protocol to shut down Ren 1.0 ASAP

Ren protocol

Ren protocol

DeFi platform Ren protocol 1.0 may shut down this week.

Due to the FTX-Alameda collapse, the Ren protocol team announced on Twitter that Ren protocol’s 1.0 network would need to be shut down.

Since the team cannot guarantee compatibility between Ren 1.0 and 2.0, users will need to get their assets off the platform before it’s too late.

Ren protocol's Ren 1.0 to shut down immediately

Alameda acquired Ren protocol in 2021. With Alameda gone, Ren protocol wants to salvage what’s left and move on to Ren 2.0.

Ren has asked users to get their assets of the platform as soon as possible before Ren 1.0 shuts down. Despite the warnings from the team at Ren protocol, $15 million is still trapped on the multichain platform.

To the frustration of Ren users, Ren protocol has not specified a clear date for when Ren 1.0 will shut down.

From Ren Protocol:

The Ren 1.0 network is likely to imminently shut down, and any remaining assets are at risk of being lost.

Ren 2.0 will build upon Ren 1.0 by emphasising security and decentralisation.
RenEVM (Ethereum virtual machine), a feature of Ren 2.0, will implement a proof of authority consensus. Burn mechanisms will also be developed to make the REN token deflationary.

Ren community:

The native gas asset in this execution environment will be REN. In a similar design to Ethereum, we initially propose to have 50% of the transaction fees burned, to introduce deflationary pressure into the protocol. Detailed proposals on the tokenomics for Ren 2.0 will be published on the Ren Forum.

Get the latest news on Bitcoin, Ethereum, DeFi protocols and crypto exchanges.

This Article's Topics

Explore new topics and discover content that's right for you!

Planet Crypto
Have an opinion on this article? We'd love to hear it!