The operations of FTX and Alameda Research are in a serious situation, and Ren Labs may face a shortage of funds. In order to protect the safety of other assets in the pool, Wing Finance has previously suspended the Supply and Borrow functions of renBTC.
Nov 20, Ren Protocol issued an official statement: Since the Ren 1.0 network will sunset within 30 days, we strongly recommend users to bridge their Ren assets (such as renBTC) back to their original chain as soon as possible. Meanwhile, the Ren team hopes to launch the latest version of the protocol, Ren 2.0.
Here are the official statement:
Based on this, in order to fully protect the rights and interests of users, Wing Finance will also take countermeasures to close the renBTC market.
Wing Finance should lower the Collateral factor of renBTC from 75% to 0, increase the Reserve Factor to 100%, adjust the WING incentive weight to 0, and close the Supply entrance of renBTC.
Ren 1.0 will close the network on Dec 19, and it is recommended that Wing Finance execute the above operations on Dec 14 in advance.
The Reserves of renBTC for December will also be converted into WBTC after being withdrawn by Wing DAO foundation on Dec 14. These WBTC will participate in the buyback on Dec 23 together with other assets.
Feel free to have your say!