Ren Protocol 1.0 is likely to be shut down soon
The Ren Protocol 1.0 network could shut down at any moment, and any assets that remain on the network are at danger of being lost. Maximilian Roszko is the ecosystem advocate at Ren Protocol. He stated this in the project’s Discord channel.
“We don’t know when exactly, depends on the infrastructure down which isn’t under our control, could be in a few days or a week or so, we don’t know but trying to figure it out.”
Ren Protocol also announced via Twitter: Tokens wrapped from other Blockchains are supported. RenBTC, which is a tokenized version of bitcoin on Ethereum blockchain, is one the most important. These tokens will not have any value in case Ren fails and they can’t be sent back to their original chains to release collateral. This is because Alameda Research, a trading company that bought the bundle of Bitcoin-focused projects in February 2021 has since closed down. Roszko stated that the Ren team will not have access to any money if the network is shut down. Roszko said that the network might be reopened in the future to allow for a recovery process. However, more than $15 Million in renBTC remains on Ethereum and is at risk of becoming stranded despite these warnings. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: Alameda ResearchEthereumMaximilian RoszkoRenRen ProtocolRenBTC