Monday, June 24, 2024

Ren protocol warns customers to unwrap tokens or danger losses as improve looms

by Jeremy

The builders of bridging platform Ren have warned customers to unwrap their tokens and bridge them again to their native chains “ASAP,” or danger shedding them.

The staff tweeted that mints on Ren can be disabled “shortly,” that means that it is going to be unattainable to deposit any belongings onto the platform to bridge to different networks. In 30 days, “burns” (withdrawals) may also be disabled.

RenVM, the corporate behind the undertaking, beforehand acknowledged on Nov. 18 that it will be releasing a brand new model of the protocol, Ren 2.0, “in parallel” with the shutdown of the present one. This implied that the present bridged belongings would possibly nonetheless be usable after the shutdown of Ren 1.0.

Nonetheless, this new announcement makes clear that present belongings is probably not usable within the newer model of the platform, so customers might get these belongings caught within the platform in the event that they don’t withdraw them quickly.

Ren customers have relied on it to bridge belongings since 2017. However in February 2021, RenVM was acquired by Alameda Analysis. This led to a funding shortfall after Alameda filed for chapter in November.

Associated: Alameda Analysis invested $1.15B in crypto miner Genesis Digital: Report

Within the Nov. 18 publish, the staff defined that that they had determined to hurry up the transfer to Ren 2.0 due to this funding shortfall.

The brand new announcement induced confusion on social media as some customers puzzled if the Ren token itself was in some type of hazard. One person requested, “If we maintain tokens on cex do we have to do one thing?” and one other fearful, “I’m confused My REN token is in ledger dose the replace impact me too?”

One pissed off Ren holder replied by asking the staff to concern a clarification, stating that the announcement has led to “panic promoting.”

The staff has not replied to those particular person tweets. However within the announcement thread, it did concern detailed directions to customers on how one can examine to see if they’ve bridged belongings they should withdraw.