Ren Protocol Users Be Warned Before Version 2.0 Releases
Ren protocol advises its subscribers of the possibility of a financial loss if its current product is discontinued.
Coincu previously revealed that the Ren team plans to launch Ren 2.0, the most recent version of the system, as well as raise fresh funds. Because of the project’s expedited implementation, the team believes that concerns regarding Alameda’s participation with the Ren protocol should be put to rest.
Ren enables Bitcoin owners to lock their assets and create a wrapped version that may be utilized on Ethereum, although this method has been suspended for some time. Ren’s version 1.0 will be phased out and replaced by a new community-run Ren 2.0.
It’s possible that the two versions are incompatible. To protect themselves from any risk, the initiative advised users to burn the circulating Ethereum tokens and claim them back to the original chain as soon as feasible.
The Ren team announced that their tokenized Bitcoin, known as Ren 1.0, will be phased out soon. The fundamental cause for Ren 1.0’s discontinuation is a lack of money following Alameda Research’s financial collapse.
Ren protocol has lost its primary source of development funding after the demise of FTX.
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