As a researcher with years of experience in the cryptocurrency space, I must admit that the recent events surrounding Ren Protocol have left me feeling rather disillusioned. The silence for over 10 months and the sudden announcement amidst a token delisting by Binance smacks of questionable tactics at best, and outright deception at worst.
Following more than 10 months of no communication, Ren Protocol revealed advancements in their highly anticipated v2 network update on social platforms. Unfortunately, Binance removed the REN token from its exchange today, and the community is criticizing this “announcement” as a liquidity farming scheme.
Notable critics such as ZachXBT have expressed significant doubts concerning the progress of Ren Protocol, which has resulted in a substantial drop in both the project’s standing and the value of its associated tokens.
Ren Protocol Delisted
Today, after a prolonged silence on social media lasting over 10 months, Ren Protocol shared an update about its long-anticipated Ren v2 upgrade. The team assured that progress is being made and more details will be unveiled shortly. It was earlier announced by Ren Protocol that they would close their 1.0 network in 2022, however, so far, there has been limited activity to replace it.
As a researcher, upon the release of the latest update, I couldn’t help but notice a more skeptical perspective emerging within the community. Coincidentally, on the same day, Binance, a prominent exchange, declared its intention to delist REN, the token associated with our protocol. This means that as of December 10th, Binance users will no longer be able to trade, deposit, or withdraw REN tokens. Consequently, the asset’s value took a significant hit, plummeting in price.
Essentially, the Ren Protocol remained quiet for almost a full year, hinting at potential future expansion following a potential catastrophe. Critics within the community alleged that the creators were running a scam; they’d temporarily boost liquidity by creating buzz on social media.
It seems like you’re trying to sell your position to cash out, if I may say so directly. Could you please tell me where I can find updates on the project’s development?
On-chain investigator ZachXBT expressed criticism towards the project. Given his notable track record of exposing scams, his negative assessment of this news is significant. Many responses to Ren Protocol’s original post shared a similar viewpoint.
To put it another way, despite the fact that the developers have apparently made significant strides with the v2 update, Ren Protocol’s standing has still suffered a significant setback.
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2024-11-27 07:34