After more than 10 months of silence, Ren Protocol announced on social media that it is making progress on its long-awaited v2 network upgrade. However, Binance delisted the REN token today, and the community derided this “announcement” as a liquidity farming scam.
Prominent commentators such as ZachXBT voiced great skepticism towards Ren Protocol’s development, and the company’s reputation declined along with the value of its token.
Ren Protocol Abolished
In a surprising development, Ren Protocol created his first social media renew in over 10 months today. The company discussed the long-awaited Ren v2 upgrade, promising that work continues and that further announcements are coming soon. Ren Protocol initially announced that closing its 1.0 network in 2022but the company has done little to replace it.
However, the community soon realized a much more cynical explanation for this update. On the same day, leading exchanges, Binance, announced that they are delisting RENprotocol tokens. After December 10, Binance users will not be able to trade, deposit, or withdraw REN tokens. Asset prices then decline.
In other words, the RENprotocol was completely silent for almost an entire year, and the Ren Protocol made vague promises about future growth in the immediate aftermath of the disaster. Some public figures openly accused these developers of fraud: they briefly pumped liquidity through social media.
“It looks like you’re farming for outbound liquidity. Where can we read about development?” said one user.
Even on-chain detective ZachXBT criticized project. ZachXBT’s condemnation of this announcement is significant, considering his statement good reputation For uncover fraud. Most of the comments on Ren Protocol’s initial post echoed this sentiment.
In other words, even though the developers did make great progress in the v2 upgrade, Ren Protocol’s reputation took a serious hit.
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