{"id":523609,"date":"2022-12-09T00:15:00","date_gmt":"2022-12-08T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\/"},"modified":"2022-12-09T00:15:00","modified_gmt":"2022-12-08T21:15:00","slug":"ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\/","title":{"rendered":"# Ren protocol warns users to unwrap tokens or risk losses as upgrade looms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d8d0d76273\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d8d0d76273\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\/#%E2%80%9D_Ren_protocol_warns_users_to_unwrap_tokens_or_risk_losses_as_upgrade_looms_%E2%80%9C\" >&#8221; Ren protocol warns users to unwrap tokens or risk losses as upgrade looms &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ren_protocol_warns_users_to_unwrap_tokens_or_risk_losses_as_upgrade_looms_%E2%80%9C\"><\/span>&#8221; Ren protocol warns users to unwrap tokens or risk losses as upgrade looms &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvN2I1NDkxNzUtMjM2ZC00ODY5LTkzMDYtZGUwNWYxYmQ4YWIyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>The developers of bridging platform Ren protocol have warned users to unwrap their tokens and bridge them back to their native chains \u201cASAP,\u201d or risk losing them, according to a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread from the team.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1) Important notice \u26a0\ufe0f<\/p>\n<p>As announced previously, the Ren 1.0 network is shutting down due to the events surrounding Alameda<\/p>\n<p>As compatibility between Ren 1.0 and 2.0 cannot be guaranteed, holders of Ren assets should bridge back to native chains ASAP, or risk losing them! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/20vpGBc8W0\">https:\/\/t.co\/20vpGBc8W0<\/a><\/p>\n<p>\u2014 Ren (@renprotocol) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/renprotocol\/status\/1600559366440390657?ref_src=twsrc%5Etfw\">December 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The team stated that mints on Ren will be disabled \u201cshortly,\u201d meaning that it will be impossible to deposit any assets onto the platform to bridge to other networks. In 30 days, \u201cburns\u201d or withdrawals will also be disabled.<\/p>\n<p>The company behind the project, RenVM, had previously stated on Nov. 18 that they would be <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/renproject\/moving-on-from-alameda-da62a823ce93\">releasing<\/a> a new version of the protocol, Ren 2.0, \u201cin parallel\u201d with the shutdown of the current one. This implied that the current bridged assets might still be usable after the shutdown of Ren 1.0.<\/p>\n<p>However, this new announcement makes clear that current assets may not be usable in the newer version of the platform, so users may get these assets stuck in the platform if they don\u2019t withdraw them soon.<\/p>\n<p>Ren protocol users have relied on it to bridge assets since 2017. But in February, 2021, RenVM was acquired by Alameda Research. This led to a funding shortfall after Alameda filed for bankruptcy in November.<\/p>\n<p><strong><em>Related:\u00a0Alameda Research invested $1.15B in crypto miner Genesis Digital: Report<\/em><\/strong><\/p>\n<p>In the Nov. 18 post, the team explained that they had decided to speed up the move to Ren 2.0 because of this funding shortfall.<\/p>\n<p>The new announcement caused confusion on social media as some users wondered if the Ren token itself was in some kind of danger. One user <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TodeaAndrew\/status\/1600559728782102528\">asked<\/a> \u201cIf we hold tokens on cex do we need to do something?\u201d and another <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Ray50993735\/status\/1600909088552255488\">worried<\/a> aloud \u201cI\u2019m confused My REN token is in ledger dose the update effect me too?\u201d<\/p>\n<p>One frustrated Ren holder <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/OneLostAquarius\/status\">replied<\/a> by asking the team to issue a clarification, stating that the announcement has led to \u201cpanic selling.\u201d <\/p>\n<p>The team has not replied to these individual tweets. But in the announcement thread, it did <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/renprotocol\/status\/1600559369300504576\">issue<\/a> detailed instructions to users on how to check to see if they have bridged assets they need to withdraw.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ren protocol warns users to unwrap tokens or risk losses as upgrade looms &#8220; The developers of bridging platform Ren protocol have warned users to unwrap their tokens and bridge them back to their native chains \u201cASAP,\u201d or risk losing them, according to a Twitter thread from the team. 1) Important notice \u26a0\ufe0f As&#8230;<\/p>\n","protected":false},"author":1,"featured_media":523610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/7b549175-236d-4869-9306-de05f1bd8ab2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,73821],"class_list":["post-523609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-developers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=523609"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/523610"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=523609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=523609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=523609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}