Ren is in danger of not having enough funds for development. After the collapse of Alameda Research, Alameda Research funded Ren’s development with $700,000 every quarter.
Ren is an Ethereum-based DeFi protocol that uses the token wrapping process to issue tokenized versions of crypto assets. These wrapped crypto tokens can be connected to Ethereum and BNB Smart Chains, which Ren has processed over $13 billion since. inception
Alameda funded Ren’s development afteracquisitionIn early 2021, it was reported that Alameda was funding $700,000 per quarter for development. As a result, the project is now out of funding due to Alameda’s bankruptcy.
Team Ren outdeclarationby revealing that There was only enough funding until the end of Q4, showing that the project’s balance was about $160,000, and Ren is now looking for funding from other sources, according to the team revealing that it is exploring opportunities with its members. community These options are likely to be voted on for the RenDAO community to decide.
In addition to providing new funding, the Ren team also wanted to introduce the latest version of the protocol, Ren 2.0. This new version was announced in August with plans to transition to a community-run open source project. “It is important to accelerate the transition to Ren 2.0 to dispel concerns about Alameda’s involvement with the Ren protocol.”
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