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Tuesday, February 7, 2023

Ren Protocol Is On The Verge Of Losing Existence

Ren protocol might be lost soon if not acted promptly. Ren is shutting down due to what happened with Alameda. Ren protocol gives people a heads-up to unwarp their tokens otherwise they will lose their value soon. They have given the user maximum of thirty days to deposit.

Ren Protocol Would Be Disabled Within 30 Days Team Warns

After 30 days it would be impossible for any user to deposit any kind of Ren tokens. The team has warned users via Twitter posts. As per the post, Ren 1.0 is shutting down to what has happened in the past with Alameda. The compatibility between Ren 1.0 and 2.0 is not guaranteed. And Ren protocol users must act fast before they lose it all. After 30 days neither deposits nor withdrawals can be made.

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The Protocol has previously stated that they would be launching Ren 2.0 soon. However, the Ren 1.0 will still be usable after the current Ren 2.0 shuts down. The newest statement shows the new one won’t be working on the old platform, and if one acts not fast they would be stuck with new assets. The team has advised them to withdraw as soon as possible. Ren Protocol has been running since 2017 but a downfall has occurred since 2021, thus causing Alameda bankrupt in November.

The team is working currently on ren 2.0 and working promptly to gain the funding and reach the level again, currently, it faces a funding shortfall. Various questions arose and they went unanswered by the team. And those questions were from genuine users of Ren Protocol.

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