the former top 10 token now languishes around number 53. But the community has since taken back control and is determined to restore the smart contract platform to its former glory.

If you’re a newcomer to the crypto industry, you may not even be familiar with The Biggest ICO in History, which launched EOS.

EOS began in June 2018 with great fanfare, an active community and strong tech. Led by Dan Larimer, of Steemit and Bitshares fame, there was a palpable area of excitement with the introduction of new tech, including the delegated proof-of-stake (DPoS) system and EOS Worker Proposals to fund projects that grew the ecosystem.

Block.one, the company behind EOS, raised an astonishing massive $4.1 billion over 12 months.

It's my Opinion, Take Eos Token for Long time.

#EOS #Ren #BTC

Ren Protocol, one of the most popular decentralized finance (DeFi) protocols, has announced that all of its assets and shares will be transferred to cold wallets controlled by FTX Trading, a beleaguered crypto company. This decision was made in advance of possible shutdowns of infrastructure and systems, according to a tweet from Ren on April 12.

FTX had previously directed the protocol to transfer all assets to debtor wallets for safeguarding, and Ren claims that these assets will be held on separate, segregated cryptocurrency wallets that are different from those used for other debtors. Ren Protocol allowed users to transfer tokens such as bitcoin (BTC), ether (ETH), and dogecoin (DOGE) among different blockchains, becoming one of the most popular DeFi protocols during the 2021 bull run.

The protocol was acquired by Alameda Research, the trading company controlled by alleged fraudster Sam Bankman-Fried, in February 2022. This acquisition marked the beginning of the end for Ren. In November of the same year, Ren Protocol stated that it was impacted by FTX Group’s Chapter 11 proceedings and had no funding to last beyond 2022 for the previous version of its service.

At the time, Ren said that it would try to “secure additional funding” to ensure the development and release of ‘Ren 2.0,’ which would remain completely independent of any ties to FTX. However, it appears that this was not possible, and the decision to transfer all assets and shares to FTX’s cold wallets was made instead.

The move has been met with mixed reactions from the crypto community, with some expressing concerns over the security of their assets and others questioning FTX’s ability to manage such a large amount of assets. Ren Protocol has assured its users that the assets will be held in separate, segregated wallets to ensure their safety.

As of now, it remains to be seen what will happen to Ren Protocol and its users. The transfer of assets to FTX’s cold wallets is a significant development, and it remains to be seen how this will impact the DeFi space as a whole.

#Ren #RenBTC #FTX #AlamedaResearch #azcoinnews

This article was republished from azcoinnews.com