{"id":1769516,"date":"2022-12-08T16:15:00","date_gmt":"2022-12-08T21:15:00","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/?post_type=station&p=1769516"},"modified":"2022-12-09T07:10:42","modified_gmt":"2022-12-09T12:10:42","slug":"ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\/","title":{"rendered":"Ren protocol warns users to unwrap tokens or risk losses as upgrade looms"},"content":{"rendered":"
\"image\"<\/div>\n

The developers of bridging platform Ren have warned users to unwrap their tokens and bridge them back to their native chains \u201cASAP,\u201d or risk losing them.<\/p>\n

\n

1) Important notice \u26a0\ufe0f<\/p>\n

As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda<\/p>\n

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<\/a><\/p>\n

\u2014 Ren (@renprotocol) December 7, 2022<\/a><\/p><\/blockquote>\n

The team tweeted that mints on Ren will be disabled \u201cshortly,\u201d meaning that it will be impossible to deposit any assets onto the platform to bridge to other networks. In 30 days, \u201cburns\u201d (withdrawals) will also be disabled.<\/p>\n

RenVM, the company behind the project, previously stated on Nov. 18 that it would be releasing<\/a> a new version of the protocol, Ren 2.0, \u201cin parallel\u201d 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.<\/p>\n

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\u2019t withdraw them soon.<\/p>\n

Ren users have relied on it to bridge assets since 2017. But in February 2021, RenVM was acquired by Alameda Research<\/a>. This led to a funding shortfall after Alameda filed for bankruptcy<\/a> in November.<\/p>\n

Related:\u00a0Alameda Research invested $1.15B in crypto miner Genesis Digital: Report<\/a><\/em><\/strong><\/p>\n

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.<\/p>\n

The new announcement caused confusion on social media as some users wondered if the Ren token itself was in some kind of danger. One user asked<\/a>, \u201cIf we hold tokens on cex do we need to do something?\u201d and another worried<\/a>,\u00a0\u201cI\u2019m confused My REN token is in ledger dose the update effect me too?\u201d<\/p>\n

One frustrated Ren holder replied<\/a> by asking the team to issue a clarification, stating that the announcement has led to \u201cpanic selling.\u201d <\/p>\n

The team has not replied to these individual tweets. But in the announcement thread, it did issue<\/a> detailed instructions to users on how to check to see if they have bridged assets they need to withdraw.<\/p>\n","protected":false},"author":1,"featured_media":1769517,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[3634,3884,14560,6428,3888,14557,4298,4150,14559,5019,3831,3767,4158,4302,3896,3837,3646,4089,14576,7457,14558,8453,12764,9642,14556,8593,14575,7894,14555],"artist":[5815],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1769516"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1769517"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1769516"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1769516"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1769516"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1769516"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1769516"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1769516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}