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Ren protocol warns customers to unwrap tokens or danger losses as improve looms | NEWSRUX

The builders of bridging platform Ren protocol have warned customers to unwrap their tokens and bridge them again to their native chains “ASAP,” or danger dropping them, in accordance with a Twitter thread from the workforce.

The workforce said that mints on Ren might be disabled “shortly,” which means that it will likely be not possible to deposit any belongings onto the platform to bridge to different networks. In 30 days, “burns” or withdrawals may also be disabled.

The corporate behind the venture, RenVM, had beforehand said on Nov. 18 that they’d be releasing a brand new model of the protocol, Ren 2.0, “in parallel” with the shutdown of the present one. This implied that the present bridged belongings may nonetheless be usable after the shutdown of Ren 1.0.

Nevertheless, this new announcement makes clear that present belongings will not be usable within the newer model of the platform, so customers could get these belongings caught within the platform in the event that they don’t withdraw them quickly.

Ren protocol customers have relied on it to bridge belongings since 2017. However in February, 2021, RenVM was acquired by Alameda Analysis. This led to a funding shortfall after Alameda filed for chapter in November.

Associated: Alameda Analysis invested $1.15B in crypto miner Genesis Digital: Report

Within the Nov. 18 publish, the workforce defined that that they had determined to hurry up the transfer to Ren 2.0 due to this funding shortfall.

The brand new announcement brought on confusion on social media as some customers questioned if the Ren token itself was in some type of hazard. One person asked “If we maintain tokens on cex do we have to do one thing?” and one other worried aloud “I’m confused My REN token is in ledger dose the replace impact me too?”

One pissed off Ren holder replied by asking the workforce to problem a clarification, stating that the announcement has led to “panic promoting.”

The workforce has not replied to those particular person tweets. However within the announcement thread, it did issue detailed directions to customers on how one can examine to see if they’ve bridged belongings they should withdraw.