Ren DAO Proposes To Mint New Funding Tokens For Loss Of Funding From Alameda

The Ren DAO is contemplating issuing additional tokens to obtain funding following the failure of Alameda Research, which left the project without access to its funds.

Ren DAO members will select how many additional ren tokens will be produced as part of the vote. The proposal included four choices for funding (50 million, 100 million, 150 million, or 200 million REN tokens), as well as a fifth option to reject the funding plan.

The community is also voting on the formation of the Ren Foundation, an entity that will guide the project’s future growth. This vote is based on a proposal presented by Ren Ecosystem Advocate Maximillian Roszko on the Ren DAO forum.

The Ren community vote will conclude on December 21. Data from Snapshot’s voting website suggest early support for minting 200 million fresh REN tokens. So far, this option has received 78.29% of the vote.

If established, the Ren Foundation will fund Ren 2.0, a new protocol version that will be sent out as a community-run update once version 1.0 is retired. Ren was forced to retire the prior version due to a lack of cash.

The proceeds from the sale of the freshly minted tokens will be shared between the Ren Foundation and darknode operators, ecosystem participants who provide computer power to protect the network, and get rewards from Ren for doing so.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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