Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout

The Ren Bridge project announced in its ‘Ren Community’ Medium blog on Nov. 18 the ways in which it plans to move forward with Alameda Research.

Following the acquisition by Alameda early last year as part of “a partnership with the previous Ren leadership” and the fallout of the FTX event, the update on Ren Community explained that Ren’s development team has only enough funding to manage until the end of the year.

1) We recently posted an update regarding how Ren will move forward from Alameda: https://t.co/VFEYHbjZmz

— Ren (@renprotocol) November 20, 2022

With the aforementioned limited runway lasting up to Q4, the Ren team has decided to develop an open-sourced, and community-run version dubbed Ren 2.0.

Ren explained that this shift towards ‘sunsetting’ Ren 1.0 has been issued to protect users, the integrity of the protocol, and to ensure a fully community-controlled network is established in Ren 2.0.

3) The process will begin shortly with mints being disabled, while burns remain enabled for 30 days.

This would affect liquidity pools with Ren-assets and possibilities for arbitraging the price of Ren-assets in LPs, even if the underlying asset always can be redeemed.

— Ren (@renprotocol) November 20, 2022

Ren explained that this process is set to begin soon and will include mints being disabled while burns remain enabled for a period of 30 days.

5) And finally, we aim to come back stronger, with a fully decentralized and community-owned cross-chain network.

All the best,
Ren team

— Ren (@renprotocol) November 20, 2022

Upon launch, Ren claims this network upgrade to 2.0 aims will provide a fully decentralized and community-owned cross-chain network.