The developers of the Ren bridge platform have warned users to unwrap their tokens and plug them back into their native chains “as soon as possible,” or risk losing them.
1) Important notice ⚠️
As previously announced, the Ren 1.0 network is shutting down due to the events surrounding Alameda
As compatibility between Ren 1.0 and 2.0 cannot be guaranteed, holders of Ren assets should bridge back to native chains ASAP, or risk losing them! https://t.co/20vpGBc8W0
—Ren (@renprotocol) December 7, 2022
1) Important notice ⚠️
As previously announced, the Ren 1.0 network is being shut down due to the events surrounding Alameda.
As compatibility between Ren 1.0 and 2.0 cannot be guaranteed, holders of Ren assets should switch back to native chains as soon as possible, or risk losing them!
The team tweeted that Ren coins will be deactivated “shortly,” meaning it will be impossible to deposit assets on the platform to move to other networks. In 30 days, the “burns” (withdrawals) will also be deactivated.
RenVM, the company behind the project, stated on November 18 that it would release a new version of the protocol, Ren 2.0, “in parallel” to the shutdown of the current one. This implied that current bridging assets could continue to be used after the Ren 1.0 shutdown.
Nevertheless, This new announcement makes it clear that current assets might not be usable on the new version of the platform, so users could be stuck with it if they are not removed soon.
Ren users have relied on it to bridge assets since 2017. But in February 2021, RenVM was acquired by Alameda Research. This caused a funding shortfall after Alameda filed for bankruptcy in November.
In the November 18 post, the team explained that they had decided to accelerate the move to Ren 2.0 due to this funding shortfall.
The new announcement caused confusion on social media, as some users wondered if the Ren token itself was in some kind of danger.. An user I ask: “If we have tokens on centralized exchanges, do we have to do anything?” and another one worried: “I’m confused, my REN token is in ledger, does the update affect me too?”.
A frustrated REN holder answered asking the team for clarification, stating that the announcement has caused “panic selling”.
ANDThe team has not responded to these individual tweets. But in the announcement thread, it gave detailed instructions to users on how to check if they have bridging assets that need to be withdrawn.
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