Rumors that Binance was looking to acquire multichain protocol Ren caused the protocol’s native REN token to soar 32% to $0.1061 at press time.
Ren had received quarterly funding from defunct trading firm Alameda Research since early 2021 before Alameda’s bankruptcy filing earlier this year.
Alameda’s failure has left it with insufficient funds to continue beyond Q4 2022.
RenDevelopment needs additional funds
Ren needs the additional money to proceed with the development of Ren 2.0 after announcing that they would sunset the Ren 1.0 network. The original network was previously under Alameda’s control. In a blog post, the protocol said it would share potential ways of securing additional funding with its community. It would later put the decision to a formal governance proposal.
The Ren Protocol aims to bring additional liquidity to decentralized protocols by enabling the transfer of…
