Ren protocol warns users to unwrap tokens or risk losses as upgrade looms
The developers of bridging platform Ren protocol have warned users to unwrap their tokens and bridge them back to their native chains “ASAP,” or risk losing them, according to a Twitter thread from the team.
1) Important notice ⚠️As announced previously, the Ren 1.0 network is shutting down due to the events surrounding AlamedaAs 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
The team stated that mints on Ren will be disabled “shortly,” meaning that it will be impossible to deposit any assets onto the platform to bridge to other networks. In 30 days, “burns” or withdrawals will also be disabled.
The company behind the project, RenVM, had previously stated on Nov. 18 that they would be releasing a new version of the protocol, Ren 2.0, “in parallel” with the shutdown of the current one. This implied that the current bridged assets might still be usable after the shutdown of Ren 1.0.
However, this new announcement makes clear that current assets may not be usable in the newer version of the platform, so users may get these assets stuck in the platform if they don’t withdraw them soon.
Ren protocol users have relied on it to bridge assets since 2017. But in February, 2021, RenVM was acquired by Alameda Research. This led to a funding shortfall after Alameda filed for bankruptcy in November.
Related: Alameda Research invested $1.15B in crypto miner Genesis Digital: Report
In the Nov. 18 post, the team explained that they had decided to speed up the move to Ren 2.0 because of this funding shortfall.
The new announcement caused confusion on social media as some users wondered if the Ren token itself was in some kind
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