Main navigation

Ren Protocol (REN) 'Only Has Funding' for Five Weeks Left, Here's Why

Mon, 11/21/2022 - 12:05
article image
Vladislav Sopov
Ren Protocol (REN), one of oldest decentralized protocols, shares sad announcement for its community
Ren Protocol (REN) 'Only Has Funding' for Five Weeks Left, Here's Why
Cover image via
Read U.TODAY on
Google News

Launched in 2017 as Republic Protocol, Ren (REN) is well known as a pioneer of many solutions for cross-network value transfer. Meanwile, thanks to being acquired by now-defunct Alameda Research a year ago, Ren finds itself in hot water now.

Ren Protocol (REN) almost out of money

According to a statement shared on the platform's social media accounts and main blog, the developers of Ren only have funding to last until the end of Q4. In the last few months, its development process was fueled by the collapsed Alameda firm.

To cover expenses, the team is going to raise additional funding. Support from potential investors is set to allow Ren Protocol (REN) to move forward in the way that would be most beneficial for its community members.

However, developers are not abandoning their plans to roll out the second iteration of Ren's architecture, so-called Ren 2.0. But the roadmap for the transition to Ren 2.0 is now changed.

In 30 days, the team is going to "sunset" Ren 1.0: REN minting instruments will be disabled. "Old" and "new" chains will be connected via a decentralized bridge to allow asset transition in a secure and resource-efficient manner. In parallel with shutting Ren 1.0 down, the team is going to immediately proceed to Ren 2.0 testing.

What's next for Ren 2.0?

Ren 2.0 will be deployed to mainnet immediately after testing. Also, Ren contributors announced that the upcoming Ren iteration will be more decentralized and community driven than ever before:

We will additionally be transitioning away from the domain which has been owned by Alameda. All current sites will be hosted on IPFS and control will be transferred over to the RenDAO moving forward.

Ren's community accounts announced that the new architecture will include 2,000+ nodes and will work with advanced composabilty and censorship resistance.

Since the first days of the Alameda collapse, REN, a core native asset of Ren Protocol, lost over 36% of its capitalization. At press time, it is changing hands at $0.074, down 5.4% in the last 24 hours.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)