After over 10 months of silence, Ren Protocol introduced on social media that it made progress on the long-awaited v2 community improve. Nevertheless, Binance delisted the REN token at this time, and the neighborhood derided this “announcement” as a liquidity farming rip-off.
Distinguished commentators like ZachXBT voiced heavy skepticism about Ren Protocol improvement, and the agency’s status cratered alongside its token worth.
Ren Protocol Delisted
In a shocking improvement, Ren Protocol made its first social media replace in over 10 months at this time. The agency mentioned its long-awaited Ren v2 improve, promising that work is continuous and additional bulletins needs to be coming quickly. Ren Protocol initially introduced it could shutter its 1.0 community in 2022, however the agency has accomplished little to interchange it.
Nevertheless, the neighborhood instantly seen a way more cynical clarification for this replace. The identical day, the main alternate, Binance, introduced that it was delisting REN, the protocol’s token. After December 10, Binance customers won’t be able to commerce, deposit, or withdraw REN tokens. The asset’s value subsequently cratered.
In different phrases, the Ren Protocol was utterly silent for practically a whole yr, and it made obscure guarantees of future progress instantly after an impending catastrophe. A number of figures locally brazenly accused these builders of conducting a rip-off: they’d briefly pump liquidity by social media hype.
“Sounds like you’re farming for exit liquidity tbh. Where can we read about development?” stated one person.
Even on-chain sleuth ZachXBT criticized the mission. ZachXBT’s condemnation of this announcement is especially noteworthy, contemplating his sterling status for unmasking frauds. Most feedback on Ren Protocol’s preliminary publish echoed this sentiment.
In different phrases, even when its builders actually made substantial progress on the v2 improve, Ren Protocol’s status has sustained a critical blow.
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