Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout
The Ren Bridge project announced plans to move Alameda Research forward on the “Ren Community” Medium blog on November 18th.
Acquired by Alameda early last year as part of a “partnership with former Ren leadership” and following the aftermath of the FTX event, a Ren community update says Ren’s development team has more than enough to manage until the end of the year. It was explained that there was only enough funds. .
1) We recently posted an update on how Ren moves forward from Alameda. https://t.co/VFEYHbjZmz
— Ren (@renprotocol) November 20, 2022
With the aforementioned limited runway going into Q4, the Ren team has decided to develop an open-source, community-run version called Ren 2.0.
Ren explained that this move to “deprecated” Ren 1.0 was issued to protect the integrity of users and protocols and ensure that a fully community-controlled network would be established in Ren 2.0. .
3) The process will begin with Mint disabled immediately, but Burn will remain enabled for 30 days.
This could affect the liquidity pool containing the Ren assets and arbitrate the price of the Ren assets at the LP, even if the underlying assets are always redeemable.
— Ren (@renprotocol) November 20, 2022
Ren explained that the process is expected to start soon and will involve disabling mints while burns remain active for 30 days.
5) And finally, we aim to return to a stronger state with a fully decentralized, community-owned cross-chain network.
all the best,
ren team— Ren (@renprotocol) November 20, 2022
Ren claims the network’s 2.0 upgrade aims to provide a fully decentralized, community-owned cross-chain network.
