Developers of the Ren protocol platform have warned users to unwrap their tokens and link them back to the original chain “as soon as possible” or risk losing the tokens.
The team tweeted that the coins minted on Ren will be deactivated “soon”, meaning that it will not be possible to deposit any assets on the platform to link to other networks in 30 days. burns” (withdrawals) will also be disabled.
RenVM, the company behind this project, It had previously announced on Nov. 18 that it wouldreleaseThe new version of the protocol, or “Ren 2.0,” coincides with the current version’s shutdown.
However, this new announcement makes it clear that the assets currently bridged may not be available in newer versions of the platform. Therefore, user assets may become stuck in the original platform if not withdrawn soon.
Ren users have been using RenVM to bridge assets since 2017, but in February 2021 RenVM was acquired by Alameda Research, which led to a shortage of funds after Alameda filed for bankruptcy in November.
In a post on Nov. 18, the team explained that they had decided to accelerate the migration to Ren 2.0 due to this funding shortage.
The new announcement caused confusion on social media. Because some users wondered if Ren tokens were in danger. by one userasked if “If we hold tokens on cex, do we have to do something?”worried that “I’m confused if my REN token is in the ledger, will the update affect me too?”
while some people view The announcement led to “Selling with user panic”
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