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The Ren Bridge project announced plans to move Alameda Research forward on the “Ren Community” Medium blog on November 18th.
In the aftermath of the acquisition by Alameda and the FTX event early last year as part of a “partnership with Ren’s previous leadership,” Ren’s development team has enough to manage until the end of the year, according to a Ren community update. It is explained that they only have funds.
1) We recently posted an update on how Ren moves forward from Alameda. https://t.co/VFEYHbjZmz
Ren (@renprotocol) November 20, 2022
With the aforementioned limited runway going into Q4, the Ren team has decided to develop an open-source, community-run version called Ren 2.0.
Ren explained that this move to “deprecated” Ren 1.0 was issued to protect the integrity of users and protocols and ensure that a fully community-controlled network would be established in Ren 2.0. .
3) The process will begin with Mint disabled immediately, but Burn will remain enabled for 30 days.
This could affect the liquidity pool containing the Ren assets and arbitrate the price of the Ren assets at the LP, even if the underlying assets are always redeemable.
Ren (@renprotocol) November 20, 2022
Ren explained that the process is expected to start soon and will involve disabling mints while burns remain active for 30 days.
5) And finally, we aim to return to a stronger state with a fully decentralized, community-owned cross-chain network.
all the best,
ren teamRen (@renprotocol) November 20, 2022
Ren claims the network’s 2.0 upgrade aims to provide a fully decentralized, community-owned cross-chain network.
