Ren protocol warns its customers that if the company's current product is discontinued, they might suffer financial losses.
The Ren team intends to introduce Ren 2.0, the most recent version of the system, as well as raise additional funds, as it was previously disclosed. The team thinks that concerns about Alameda's participation in the Ren protocol should be put to rest as a result of the project's hastened implementation.
Although this method has been suspended for some time, Ren enables Bitcoin owners to lock their assets and create a wrapped version that can be used on Ethereum. A new, community-run Ren 2.0 will gradually replace Ren's original version 1.0.
The differences between the two versions can exist. The initiative advised users to burn the Ethereum tokens that were in circulation and claim them back to the original chain as soon as it was practical in order to protect themselves from any risk.
1) Important notice ⚠️
— Ren (@renprotocol) December 7, 2022
As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda
As compatibility between Ren 1.0 and 2.0 cannot be guaranteed, holders of Ren assets should bridge back to native chains ASAP, or risk losing them! https://t.co/20vpGBc8W0
The Ren team declared that the Ren 1.0 version of their tokenized Bitcoin will soon be phased out. Due to a lack of funding in the wake of Alameda Research's bankruptcy, Ren 1.0 was discontinued.
After FTX failed, Ren protocol lost its main source of funding for research and development.
