DeFi

Ren Protocol Trying To Find Alternative Funding Sources Alameda

After the collapse of Alameda, the sister company of FTX, it seems that Ren protocol has lost its main source of funding for development.

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Its development was funded by Alameda after they took over the project in early 2021. According to reports, the trading company contributed $700,000 per quarter to create the bridge protocol and crypto wrapper.

However, following the demise of FTX, Alameda appears to have been removed from the list of extant crypto companies, which means there will be no further funding for Ren.

The Ren team said on Friday that it only has funds available through the end of Q4. Earlier this week, a community call revealed that the project’s leftover funding was around $160,000.

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Ren protocol is currently trying to find funding from other sources. The team disclosed on Friday that it looked into various possibilities with locals. The RenDAO community will probably be asked to vote on these options. It said:

“As talks with investors proceed, we will share the opportunities that are the most promising to the community. Through ongoing discussions with the community on which opportunity seems the most promising, when ready, a formal governance proposal would be proposed to the community.”

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Ren protocol is an Ethereum-based DeFi protocol that issues tokenized versions of crypto assets through the token wrapping method. The Ethereum and BNB Smart Chains can then be bridged with these wrapped crypto tokens. Tokens are sent from one network to another when bridging cryptocurrency.

The team is aiming to introduce Ren 2.0, the most recent version of the protocol, in addition to acquiring new funding. The team said that worries about Alameda’s involvement with the Ren protocol should be put to rest due to the project’s accelerated rollout.

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Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.