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DeFi Protocol Ren in Danger After Alameda Collapse, Looking To Secure Funding

Ren is in danger of not having enough funds for its development following the collapse of Alameda Research.

Ren is an Ethereum-based DeFi protocol that uses the token wrapping process to issue tokenized versions of crypto assets. These wrapped crypto tokens can then be bridged to the Ethereum and BNB Smart Chains. Bridging in crypto is when tokens are sent from one network to another. The Ren protocol has processed more than $13 billion in cross-chain volume since its founding.

Alameda Research was funding Ren’s development with $700,000 every quarter. With Alameda now bankrupt, Ren is looking to secure funding to continue.

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