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Alameda-Owned Ren to Look for New Funding and Go Open Source

Cryptocurrency Nov 22, 2022 06:30AM ET
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Alameda-Owned Ren to Look for New Funding and Go Open Source
 
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  • Ren Protocol wants to cut its ties to Alameda Research by finding new investors.
  • The project said it still has funding available until the end of the year.
  • Ren intends to use the new funding to work on and release Ren 2.0 – an open-source and community-owned version of the network.
  • The team said it’s going to sunset Ren 1.0 in the near future.

Ren Protocol, a bridge facilitating the transfer of assets between different blockchains, has announced plans to find new funding sources after its parent company, Alameda Research, went bankrupt a week ago.

Ren was acquired by Alameda in February 2021. Since then, Sam Bankman-Fried’s crypto trading firm has been the sole source of funding for the entire project. Ren, which has processed around $13 billion in cross-chain volume since its launch in 2020, said that it still has funding until the end of this quarter but is already looking for additional funds to keep afloat.

“Through ongoing discussions with the community on which opportunity seems the most promising, when ready, a formal governance proposal would be proposed to the community. If approved, the situation would be fully resolved and would move us forward. If rejected, the community would need to lead to another round of discussions and proposals, until final decisions are made,” the team said. One of the reasons Ren is looking to raise new capital is to release Ren 2.0 – an open-source, community-driven version of the network. The team said it’s about to deploy Ren 2.0 on testnet but still needs time to make everything work. The original version, Ren 1.0, will be depreciated in the near future.

Ren has been at the forefront of the FTX hack that happened one day after the exchange filed for bankruptcy. An unknown entity or individual drained the exchange for several hundred million dollars and then swapped almost everything for Ethereum (ETH). However, the attacker, who is among the top 40 ETH holders, has since been swapping thousands of ETH for renBTC, which many believe is part of money laundering efforts.

While the identity of the hacker is unknown, the Securities Commission of the Bahamas (SCB) has stated that it ordered FTX Digital Markets, the Bahamas subsidiary of FTX, to transfer all of its assets to the government. However, the SCB has provided no specific wallet addresses, token amounts, or transaction IDs related to its order.

On the Flipside

  • It’s unknown how much funding Ren still has.
  • Ren provided no details about potential investors.
  • It’s unknown why the FTX exploiter has chosen to swap the stolen assets for renBTC. It’s unclear whether Ren itself has anything to do with it.

Why You Should Care

Ren Protocol is the latest crypto project to step forward and admit huge losses tied to its exposure to FTX. While Ren has announced its plans to cut its relationship with Alameda, it’s unclear whether the project will be successful in raising new funds to continue developing its protocol.

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Alameda-Owned Ren to Look for New Funding and Go Open Source
 

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