DeFi platform Ren protocol 1.0 may shut down this week.
Due to the FTX-Alameda collapse, the Ren protocol team announced on Twitter that Ren protocol’s 1.0 network would need to be shut down.
Since the team cannot guarantee compatibility between Ren 1.0 and 2.0, users will need to get their assets off the platform before it’s too late.
Ren protocol's Ren 1.0 to shut down immediately
Alameda acquired Ren protocol in 2021. With Alameda gone, Ren protocol wants to salvage what’s left and move on to Ren 2.0.
Ren has asked users to get their assets of the platform as soon as possible before Ren 1.0 shuts down. Despite the warnings from the team at Ren protocol, $15 million is still trapped on the multichain platform.
To the frustration of Ren users, Ren protocol has not specified a clear date for when Ren 1.0 will shut down.
From Ren Protocol:
Ren 2.0 will build upon Ren 1.0 by emphasising security and decentralisation. RenEVM (Ethereum virtual machine), a feature of Ren 2.0, will implement a proof of authority consensus. Burn mechanisms will also be developed to make the REN token deflationary.
Get the latest news on Bitcoin, Ethereum, DeFi protocols and crypto exchanges.