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

The Ren Protocol community, behind the bitcoin-wrapped renBTC, has supported the issuance of 180 million REN tokens to fund the second version of the protocol.

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

180 million REN tokens will be issued to fund the development of Ren 2.0. At the current exchange rate, this is about $10.8 million. The voting took place on the Snapshot platform, and only holders of REN tokens received access to it.

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

The developers once again warned that after the termination of Ren 1.0, the wrapped BTC in the Ethereum network will not be available. According to current data, $12.5 million worth of renBTC is currently circulating on the Ethereum network.

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