According to Ren of the Internet Protocol, costs will be covered by the end of the year thanks to development funding following Alameda’s failure. Early on in 2016, Alameda acquired Ren. Around $13 billion worth of cross-chain volume has been processed by Ren 1.0 since its launch.
What will happen to Ren
Ren is a De-Fi service operated on ETH that employs a token packaging method to release cryptocurrencies in tokenized form. Then, a client is able to create links among these covered cryptocurrencies and the smart chains of Ethereum and BNB.
A crypto bridge is used to transfer tokens between networks. The Ren documentation has managed multichain transactional levels worth more than thirteen-billion-dollars since its inception.
After purchasing the project at the beginning of the previous year, Alameda provided funding for Ren’s development. The trading firm reportedly donated seven-hundred-million-dollars each three months to fund the development of crypto shells and bridge protocols.
Since Alameda filed for bankruptcy, this funding reference is no longer accessible. Early in November, FTX and a virtual quantitative trading firm both filed for bankruptcy.
The report to the press
According to a Friday statement, the Ren team has enough cash on hand to last through the end of the fourth quarter. The undertaker’s leftover funding, which was announced earlier this week, is estimated to be around $160,000.
Presently, Ren is looking for financial support from other roots. The group claimed that on Friday, it will talk about a wide range of chances with locals.
Most probable, one of these features will receive the support of the RenDAO community. Ren 1.0’s accomplishments have made the Ren development team extremely proud.
After its debut, Ren has handled a cross-chain volume of about $13 billion, enabling liquid asset transfers among bonds yet still staying completely untroubled.
With the launch of Ren 2.0, a paradigm shift has occurred, and the future looks even more promising, enabling developers to create truly native-born multi-grid apps on top of the most assured and redistributed cross-platform communication in cryptocurrency.
More than ever, the company presses the Ren users to take part in the discussion of commercial enterprise and offering inducements for the installation of Ren platform of the second generation and the ensuing ecosystem expansion.