Users of the Alameda-backed Ren Protocol risk losing their money if they don’t take immediate action, warned the project team over Twitter on Thursday.
The cross-chain bridge said the upcoming upgrade (Ren 2.0) to its existing product (Ren 1.0) may not be compatible with the prior version.
Disconnecting From Alameda
Ren encouraged users to quickly burn tokens issued by their bridge service in return for their underlying assets or to “risk losing them,” as a result of the upgrade.
Like other bridges, Ren lets users deposit a cryptocurrency from its native blockchain (ex. BTC on Bitcoin) in return for a tokenized representation of that asset (ex. renBTC), which circulates on Ethereum. This gives Bitcoin holders access to the apps, fees, and transaction speeds available on other blockchains.
The upgrade to Ren 2.0 is intended to make Ren an open-source and community-controlled project, while also severing all ties with the now-bankrupt Alameda Research.
While the upgrade has
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