If the vote succeeds, the Ren Foundation will utilize the minted tokens to collect funds for the project’s future development.
As a result of Alameda Research’s demise, the Ren community, which manages a DeFi system that creates wrapped crypto assets, is contemplating the minting of new tokens in order to acquire cash.
The formation of the Ren Foundation is also up for community vote, which will guide the project’s ongoing growth. This vote is based on a proposal presented to the DAO forum by Maximilian Roszko, an advocate for the Ren Ecosystem.
Members of the Ren DAO will vote on the number of new ren coins to be created. The most popular wrapped asset on Ren is renBTC, a bitcoin-wrapped asset. Wrapped tokens are Layer 1 native currency that may be connected to the Ethereum network.
If the Ren Foundation is established, it will finance Ren 2.0, a new version of the protocol that will be put out once version 1.0 is deprecated. Ren was compelled to withdraw the prior version due to a lack of available funding.
Alameda bought Ren at the beginning of 2021 and kept the project’s funds. Along with its sister exchange FTX, the trading business has subsequently declared bankruptcy. Due to the failure of Alameda, Ren previously announced that it only has funding until the end of 2022.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.