Crypto Guide

Ren protocol warns customers to unwrap tokens or danger losses as improve looms

The builders of the bridging platform Rain have warned customers to mine their tokens and get them again on their authentic chain “ASAP”, or danger dropping them.

The staff tweeted that mints on Ren can be disabled “quickly”, which means it could be unattainable to retailer any belongings on the platform with a view to bridge to different networks. In 30 days, “burning” (withdrawal) will even be disabled.

RenVM, the corporate behind the challenge, beforehand mentioned on November 18 that it could launch a brand new model of the protocol, Ren 2.0, “in parallel” with the shutdown of the present one. This means that bridged belongings should be usable after Rain 1.0 is discontinued.

Nevertheless, this new announcement clarifies that the present belongings might not be usable within the new model of the platform, so customers could also be caught with these belongings within the platform if they do not get them again quickly.

Since 2017, Rain customers have relied on it to bridge belongings. However in February 2021, RenVM was acquired by Alameda Analysis. This led to a scarcity of funding after Almeida filed for chapter in November.

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In a publish dated November 18, the staff defined that as a consequence of this lack of funding, they’ve determined to speed up the tempo of Rain 2.0.

The brand new announcement triggered confusion on social media as some customers questioned whether or not the RAIN token itself was in some type of hazard. a consumer Asked, “Do we have to do something if now we have a token on cex?” and one other Concerned“I am confused my REN token is within the ledger. Does the replace have an effect on me too?”

a annoyed rain holder answered asking the staff to subject a clarification, saying that the announcement had resulted in “panic promoting”.

The staff has not responded to those particular person tweets. however within the declaration thread, it did issue Customers have been given detailed directions on examine whether or not they have bridged belongings that they should withdraw.