Battle for Ren Protocol Assets – Ren Protocol, is one of the first interchain bridge protocols to have emerged. In practice, this made it possible to send BTC in particular to Ethereum, in the form of an ERC-20. Now, Ren Protocol’s War Chest is up for grabs.
The glorious past of Ren Protocol
Ren Protocol allowed users to transfer tokens such as Bitcoin (BTC) between different blockchains in the form of renBTC. Quickly, the protocol gained significant popularity.
So much so that in October 2020, more than 20,000 BTC had been sent to Ethereum through Ren. Unfortunately, this figure is now a long way off, as there are only around 300 renBTC left in circulation.
Indeed, things started to go bad for Ren in February 2022. Thus, the protocol was acquired by Alameda Researchthe sister trading company of the now defunct FTX exchange.
In November, Ren Protocol announced that he was affected by Chapter 11 bankruptcy proceedings of the FTX group. Following this, the protocol revealed that it did not have funding to continue its activities beyond 2022.
At the time of the announcement, Ren said he would be looking to “obtain additional funding” to ensure the development and implementation of « Ren 2.0 ». In practice, Ren wanted to create a new version completely independent of any connection with FTX.
Unfortunately for Ren Protocol, it didn’t go as imagined.
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The transfer of assets to FTX Trading
While some observers were expecting Ren’s return through his v2, the latest news is quite different.
On April 12, Ren announcement on Twitter that all protocol assets and shares would be transferred to controlled wallets par FTX Trading.
According to Ren, FTX had previously instructed the protocol to transfer all assets to debtor wallets to protect them “ in anticipation of possible closures of infrastructures and systems ».
Unfortunately, Ren is not the only protocol to suffer collateral damage from FTX. Thus, the Serum protocol on Solana had also had to act in haste following the fall of FTX and revelations about SBF and its team.
Assets will be held in separate and distinct portfolios from those used for other debtors.
No additional development on Ren 2.0 has been publicly communicated by the developers since January 2023. As of this date,Ren had proposed a community governance vote to fund a new Ren Foundation. This was to oversee the future of the platform.
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