Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout

Hull Invest

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. .

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. .

Ren explained that the process is expected to start soon and will involve disabling mints while burns remain active for 30 days.

Ren claims the network’s 2.0 upgrade aims to provide a fully decentralized, community-owned cross-chain network.

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