Alameda-owned Rain to seek new funding and move to open source with DailyCoin

Alameda-owned Wren to seek new funding and move to open source
  • Ren Protocol wants to sever its ties with Alameda Research by finding new investors.
  • The project said it still had funding available through the end of the year.
  • Ren intends to use the new funding to work on and release Ren 2.0 – an open source, community-owned version of the network.
  • The team said it will be working on Group Run 1.0 in the near future.

Ren Protocol, a bridge that facilitates the transfer of assets between different blockchains, announced plans to find new funding sources after its parent company, Alameda Research, went bankrupt a week ago.

Ren was acquired by Alameda in February 2021. Since then, Sam Bankman-Fried’s cryptocurrency exchange has been the sole source of funding for the entire project. Ren, which has processed about $13 billion in on-chain volume since its launch in 2020, said it still had funding through the end of this quarter but was already looking for additional funds to stay afloat.

“Through ongoing discussions with the community about any opportunity that looks promising, when it is ready, a formal governance proposal will be proposed to the community. If approved, the whole situation will be resolved and move us forward. If rejected, the community will need to have another round of discussions and proposals , until final decisions are made,” the team said. One of the reasons Ren is looking to raise new capital is the release of Ren 2.0 – an open source, community-driven version of the network. The team said they are about to deploy Ren 2.0 to the testnet but still need time to get everything working. The original version, Ren 1.0, will be consumed in the near future.

Ren was at the forefront of the FTX hack that happened one day after the exchange declared bankruptcy. An unknown entity or individual drained the exchange for several hundred million dollars and then exchanged almost everything for (ETH). However, the attacker, who is among the top 40 holders of ETH, has since swapped thousands of ETH for renBTC, which many believe is part of a money laundering effort.

While the identity of the hacker is unknown, the Securities Commission of the Bahamas (SCB) stated that it has ordered FTX Digital Markets, a Bahamian subsidiary of FTX, to transfer all of its assets to the government. However, the Savings and Credit Union did not provide any specific wallet addresses, token amounts, or transaction IDs related to its application.

on the flip side

  • It is not known how much funding Ren still has.
  • Ren did not provide any details of potential investors.
  • It is not known why the FTX scalper chose to swap the stolen assets for renBTC. It is unclear if Rin himself had anything to do with it.

Why should you bother

Ren Protocol is the latest crypto project to come forward and admit huge losses associated with its exposure to FTX. While RIN has announced its plans to sever its relationship with Alameda, it is unclear if the project will be able to raise new funds to further develop its protocol.

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