Ren Protocol Team Calls for Users to Move Back to Native Chains as Alameda-Funded Platform 1.0 Comes to an End

Since the open source Ren protocol was formerly backed by Alameda Research, developers are now shutting down the Ren 1.0 network following the collapse of FTX Alameda. On December 7, 2022, the team warned that the compatibility between Ren 1.0 and 2.0 “cannot be guaranteed”, and that users should move back to their native chains as soon as possible.

Ren Protocol Team Urges Users to Head Back to Native Chains Before Platform 1.0 Closes

The current Ren Protocol team, which enables users to tokenize crypto assets (e.g. bitcoin (BTC), or bitcoin cash (BCH)), recently announced that it will be ending its services. The reason for the shutdown is that Alameda Research, who funded the project on a quarterly basis since February 2021, will no longer support the development. In a blog post, the Ren team explained that there was not enough money for continued development “through the end of Q4.” On Wednesday, the official Ren Twitter account warned users of potential losses associated with the Ren 1.0 platform.

“Important notice: As previously announced, the Ren 1.0 network will be shut down due to the events surrounding Alameda,” the Ren team said. “Compatibility between Ren 1.0 and 2.0 cannot be guaranteed, [and] Ren asset holders should return to native chains as soon as possible, or risk losing them.” They also shared a URL which points to the bridge, so users can switch back into native strings.

The Ren developers also included a link that allows people to verify if they have Ren assets on the EVM Solana chains. The blog post was published on November 18, 2022, and the Ren team noted that “additional funding will need to be secured.” The team added that it was best to end all ties with Alameda.

“The Ren Development team believes it’s best to shut down Ren 1.0 ahead of schedule to ensure reliability, security, and integrity of the Ren ecosystem, in exchange for a shorter service interruption,” the blog post from the team reads.

What do you think about Ren shutting down the Ren 1.0 platform immediately after the collapse of FTX Alameda? Let us know your thoughts on this topic by leaving comments below.

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Jamie Redman is the news lead for Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active participant in the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, decentralized applications, and open source code. Redman has written more than 6,000 articles since September 2015. Bitcoin.com News is dedicated to bringing readers the latest news on the disruptive protocols emerging today.