​Ren Protocol will issue 180 million REN tokens to migrate to | Crypto Bubble

​Ren Protocol will issue 180 million REN tokens to migrate to the new version of the protocol

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

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

About 95% of the voters supported the token issuance, with 80.78% expressing support for the issuance of 200 million tokens. However, the developers decided to issue 180 million tokens.

Developers have once again warned that once Ren 1.0 is discontinued, wrapped BTC on the Etherium network will not be available. According to current data, renBTC worth $12.5 million are currently circulating on the Etherium network.