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

Haru Invest

The Ren Bridge undertaking introduced in its ‘Ren Neighborhood’ Medium weblog on Nov. 18 the methods through which it plans to maneuver ahead with Alameda Analysis.

Following the acquisition by Alameda early final 12 months as a part of “a partnership with the earlier Ren management” and the fallout of the FTX occasion, the replace on Ren Neighborhood defined that Ren’s growth group has solely sufficient funding to handle till the top of the 12 months.

With the aforementioned restricted runway lasting as much as This autumn, the Ren group has determined to develop an open-sourced, and community-run model dubbed Ren 2.0.

Ren defined that this shift in the direction of ‘sunsetting’ Ren 1.0 has been issued to guard customers, the integrity of the protocol, and to make sure a completely community-controlled community is established in Ren 2.0.

Ren defined that this course of is ready to start quickly and can embrace mints being disabled whereas burns stay enabled for a interval of 30 days.

Upon launch, Ren claims this community improve to 2.0 goals will present a completely decentralized and community-owned cross-chain community.


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