The Ren 2.0 update to the current product (Ren 1.0) could not be backwards compatible.
Ren 2.0 upgrade is to make Ren an open-source and community-controlled project.
On Thursday, the Ren Protocol team advised users of the Alameda-backed cryptocurrency that they may lose their funds if they did not take quick action.
According to the cross-chain bridge, the Ren 2.0 update to the current product (Ren 1.0) could not be backwards compatible. To avoid “losing them,” Ren advised consumers to promptly burn tokens supplied by their bridge service in exchange for their underlying assets.
In the same way that other bridges do, Ren allows users to deposit a cryptocurrency on its native blockchain (in this case, Bitcoin) in exchange for a tokenized version of that asset (in this case, renBitcoin), which then circulates on Ethereum.
Open-source and Community Controlled
The goal of the Ren 2.0 upgrade is to make Ren an open-source and community-controlled project, while simultaneously breaking
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