Ren Protocol to Cease Operations and Introduce New Network with Millions at Risk
According to DefiLlama’s research, the Ren protocol has a Total Value of over $35 million.
Again, millions of dollars are in danger owing to the direct effects of Sam Bankman-downfall. Ren protocol stated that users must reconnect their assets to their original chains or risk losing them.
Ren Protocol, a framework that facilitates interoperability and liquidity across various blockchain platforms, was introduced in order to expedite the Ren2.0 update.
Ren Protocol was financed by Alameda Research in 2021, although the platform will not be operational until Q4 2022. Due to this, the development team feels that Ren1.0 should be shut down as soon as possible.
Today, the protocol issued a Twitter statement encouraging users to withdraw their assets immediately or risk losing them. There is a feeling of frustration throughout the community.
According to DefiLlama statistics, the Ren Protocol has more than $35 million in Total Value Locked (TVL), of which more than $31 million is on the Ethereum network.
Due to the fact that the Ren bridge does not need users to enter their email addresses, social media is the only way the team can convey this news. The community slammed Ren harshly, noting that individuals who are inactive on social media are “getting the short end of the stick.”
Some consumers are sceptical about blockchain technology in general, claiming that they have never gone bankrupt when banks improved their server infrastructure. Others have doubts about the decentralization of the Ren protocol for making such rapid choices.