Ren’s community, which maintains the DeFi protocol that issues wrapped crypto assets, is considering the creation of a new token. to raise funds after the collapse of Alameda Research rendered the project inaccessible to funding.
The community also voted to establish the Ren Foundation, an organization that will lead the development of future projects. By voting this depends onoffersubmitted to the DAO Forum by Ren Ecosystem Advocate Maximillian Roszko.
As part of the voting, Ren DAO members decide how many new Ren tokens to create. The proposal has four options — 50 million REN tokens, 100 million REN tokens, 150 million REN tokens, or 200 million REN tokens, including a fifth option for rejecting all funding plans.
Ren’s most popular wrapped asset is renBTC, a wrapped bitcoin that can be connected to the Ethereum network.
If established, the Ren Foundation will fund Ren 2.0, a new version of the protocol that will roll out community-operated upgrades after version 1.0 is deprecated.
Alameda acquired Ren in early 2021 and holds the funding of the project. Since entering bankruptcy, Ren has stated that it only has funds until the end of 2022.
Ren community voting ends December 21st.
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