Ren Protocol will issue 180 million REN tokens for the transition to a new version of the protocol

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The Ren Protocol community, behind the wrapped Bitcoin renBTC, supported the release of 180 million REN tokens to fund the second version of the protocol.

As previously reported, Ren Protocol is the firstversion was supported by funds from Alameda Research. After the bankruptcy of Alameda, the community had to look for a way to continue working, so it is planned to launch Ren 2.0, which will not be compatible with the first version of the protocol.

To finance the development of Ren 2.0 180 million REN tokens will be issued. At the current rate, this is about $10.8 million. Voting took place on the Snapshot platform, and only holders of REN tokens had access to it. 

About 95% of voting participants supported the release of tokens, with 80.78% expressing support for the release of 200 million tokens. However, the developers decided to issue 180 million tokens.

The developers once again warned thatAfter Ren 1.0 is discontinued, wrapped BTC will no longer be available on the Ethereum network. According to current data, renBTC worth $12.5 million is currently circulating on the Ethereum network.

Earlier, the Financial Times reported that Alameda Research invested in many cryptocurrency companies, including “dubious projects.”