Following the collapse of Alameda Research, the Ethereum-based DeFi protocol Ren, which incentivizes a global network of users to allow anyone to transfer both new and existing assets across different blockchains, does not have enough funds for development. The team announced that it is looking into various opportunities with community members.
In 2021, Alameda Research, the Sam Bankman-owned trading arm at the center of a multibillion-dollar scandal, announced that Ren’s development team would “join” Alameda and work on expanding Ren’s usage to several blockchains.
The Ren team revealed that the current funds are only sufficient to develop until the end of the fourth quarter, and the project’s remaining funds are approximately $160,000. Ren is now looking for additional funding.
The Ren team has decided to launch an open-source and community-run version of the Ren network called Ren 2.0.
“To get to the Ren 2.0 stage with full community control, the Ren development team will need to secure additional funding. This is currently being explored in a manner that would also benefit the Ren community the most.”
Now that Alameda is in bankruptcy proceedings, the Ren development team plans to launch Ren 2.0 sooner than previously planned in order to ensure the safety and integrity of the Ren ecosystem, “at the tradeoff of a shorter disruption of service.”
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