{"id":15279,"date":"2022-12-08T19:03:14","date_gmt":"2022-12-08T19:03:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/alameda-funded-ren-tells-users-to-bridge-back-to-native-chains-as-it-sunsets-1-0-platform-bitcoin-news\/"},"modified":"2022-12-08T19:03:14","modified_gmt":"2022-12-08T19:03:14","slug":"alameda-funded-ren-tells-users-to-bridge-back-to-native-chains-as-it-sunsets-1-0-platform-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/alameda-funded-ren-tells-users-to-bridge-back-to-native-chains-as-it-sunsets-1-0-platform-bitcoin-news\/","title":{"rendered":"Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to the team behind the open protocol Ren, developers are winding down the Ren 1.0 network following the FTX and Alameda Research collapse. Last year, under previous Ren leadership, Alameda acquired Ren and was funding development every quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.0 compatibility \u201ccannot be guaranteed\u201d and Ren users should bridge back to their native chains.<\/strong><\/p>\n

Alameda-Backed Ren Warns of Losses Tied to Ren 1.0 Platform, Suggests Users Bridge Back to Native Chains as Soon as Possible<\/h2>\n

The current team behind the Ren protocol, a platform that allows users to tokenize crypto assets like bitcoin (BTC<\/a>) and bitcoin cash (BCH<\/a>), has announced it is sunsetting Ren 1.0. The reason for the move is because Ren was acquired by Alameda in Feb. 2021 and Alameda won\u2019t be funding the project anymore. The Ren team explained in a blog post <\/a>that the team only had enough funds to fund development \u201cuntil the end of Q4.\u201d On Wednesday, the official Ren Twitter account warned users about possible losses related to Ren 1.0.<\/p>\n

\u201cImportant notice \u2014 As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda,\u201d the Ren team said. \u201cCompatibility between Ren 1.0 and 2.0 cannot be guaranteed, [and] holders of Ren assets should bridge back to native chains ASAP, or risk losing them,\u201d the team added.<\/p>\n

Ren devs further left a link to where people can check if they are holding Ren assets on EVM chains and Solana. The Ren team also shared a URL that directs to the bridge so users can bridge back to native chains. The blog post, published on Nov. 18, 2022, explained that the Ren team will \u201cneed to secure additional funding.\u201d The Ren team detailed that they think that it is best to sever all ties with Alameda.<\/p>\n

\u201cGiven that Ren 1.0 was run under Alameda leadership which is now in bankruptcy proceedings, the Ren development team believes it is best to sunset the Ren 1.0 network and launch Ren 2.0 earlier than previously intended, to ensure the Ren ecosystem\u2019s safety and integrity, at the tradeoff of a shorter disruption of service,\u201d the team\u2019s blog post notes.<\/p>\n

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\nTags in this story
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Alameda Backed<\/a>, Alameda collapse<\/a>, Alameda leadership<\/a>, Alameda Research<\/a>, bridge back<\/a>, Bridging<\/a>, Bridging back<\/a>, cross-chain bridge<\/a>, EVM<\/a>, FTX collapse<\/a>, Losses<\/a>, Ren 1.0<\/a>, Ren 1.0 – 2.0 compatibility<\/a>, Ren 2.0<\/a>, Ren devs<\/a>, Ren platform<\/a>, Ren team<\/a>, Solana<\/a>, warn<\/a>, Warning<\/a><\/div>\n<\/div>\n

What do you think about Ren sunsetting Ren 1.0 after the FTX and Alameda collapse? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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