Dec 09, 2022 Frank Stewskid

Ren Protocol gets closer to launching Ren 2.0

After Alameda Research acquired Ren Protocol in February, the project has been enjoying the trading company’s funds for its development, however, due to recent events – the Ren Protocol team announced it only has funding for its development until the end of Q4 2022. Despite that, the project’s team is determined to launch Ren 2.0 and has started the process of doing so.

The main goal of the team behind the project in the past months was transitioning to Ren 2.0 – using a new architecture model based on Geth with an MPC implementation of FROST to enable the deployment of EVM-compatible dApps on Ren. Nevertheless, due to the lack of funds, the team states it is looking for ways to secure fresh funding in a “matter that would also benefit the Ren community the most”.

Now, to protect users and the integrity of the project, the team behind it will shut down Ren 1.0, while launching a “fully community-controlled network” – Ren 2.0. As the process of transition is rather complex, it is divided into different stages. 

First, the team will begin by disabling mints, while burns will remain functioning in the following 30 days. While this period lasts, the team will deploy Ren 2.0 on a testnet, where the new network will be tested with the help of the project’s community. Once done with the process, Ren will deploy its 2.0 version to the mainnet. Moreover, since Alameda Research owns the renproject.io domain, the project will also be moving away from it, with control being transferred to the RenDAO.

Today, Ren Protocol issued a statement, urging users to bridge back their wrapped assets to their native chains, due to the risks of losing them in the process of transitioning from Ren 1.0 to Ren 2.0 as there might be incompatibility issues later on.

 

Author:

Frank Stewskid

Frank Stewskid

Last updated: Dec 09, 2022

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