The cross-chain protocol Ren Protocol has only enough development funds to last until the end of the year due to Alameda's bankruptcy

2022-11-19 22:40:55

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ChainCatcher news, as Alameda announces bankruptcy, the cross-chain protocol Ren Protocol is facing the danger of not having enough funds to support its development and is seeking funding to continue operations. Alameda funded the development of Ren after acquiring the project in early 2021. It has been reported that Alameda Research previously provided $700,000 per quarter for the development of Ren.

The Ren team issued a statement on Friday, revealing that its funds are only sufficient to support operations until the end of the fourth quarter. A community conference call indicated that the project's remaining funds are approximately $160,000, and other sources of funding may be decided by a vote from the RenDAO community.

Additionally, the Ren team hopes to launch the latest version of the protocol, Ren 2.0, earlier. This new version was announced in August and is planned to become an open-source project run by the community, while it has been reported that Alameda holds the intellectual property rights to Ren 1.0. (source link)

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