Ren Protocol Breaks Silence with Upgrade News Amid Binance Delisting Drama
November 27, 2024
After more than 10 months of silence, Rain Protocol announced on social media that it had made progress on its long-awaited v2 upgrade. However, Binance delisted the REN token today, with the community mocking the “announcement” as a liquidity farming scam.
Prominent commentators like Zach XBT have expressed significant skepticism about the development of the Rain protocol, and the company’s reputation has deteriorated along with the value of its token.
Remove Ren Protocol from list
In a surprise development, Rain Protocol made its first social media update in over 10 months today. The company discussed its long-awaited upgrade to Ren v2, promising that work is ongoing and that further announcements should be forthcoming. Rain Protocol initially announced that it would shut down its 1.0 network in 2022, but the company has done little to replace it.
However, the community immediately noticed a more pessimistic interpretation of this update. On the same day, leading exchange Binance announced that it would delist REN, the protocol’s token. After December 10, Binance users will no longer be able to trade, deposit, or withdraw REN tokens. The asset’s price subsequently crashed.
In other words, the Rain Protocol was completely silent for almost a full year, making vague promises of future growth right after the impending disaster. Several community figures publicly accused these developers of running a scam: they would briefly pump liquidity through social media hype.
“You seem to be farming exit liquidity honestly. Where can we read about the development?” one user said.
Even on-chain investigator Zack XPT criticized the project. Zack XPT’s condemnation of the announcement is particularly noteworthy, given his excellent reputation for exposing fraud. Most of the comments on the initial Rain Protocol post echoed this sentiment.
In other words, even if its developers make significant progress on the v2 upgrade, the reputation of the Rain protocol has taken a serious hit.