Ren proposed the establishment of a foundation and the minting of a new Ren token to fund the development of Ren 2.0 and the ecosystem

2022-12-16 08:35:27

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ChainCatcher news, the cross-chain protocol Ren has proposed a voting proposal to establish a Ren Foundation and mint new Ren tokens for it, so that the foundation can fund the development of Ren 2.0 and its ecosystem. The proposal presents four options for how many new Ren to mint for the Ren Foundation, including 50 million, 100 million, 150 million, or 200 million REN tokens, as well as a fifth option to reject the entire plan. At the current token price, Ren could raise between $4 million and $17 million.

ChainCatcher previously reported that Ren stated that due to the bankruptcy of Alameda, the funding provided to the Ren development team would only last until the fourth quarter. Ren is negotiating with investors to continue driving development and plans to launch Ren 2.0 earlier than expected. (The Block)

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