{"id":"ren-protocol","hidden":false,"ipfs":"QmR4sTGBPkL22qyuoSkzm6vfSUzRPVZL6KfwoC9c9Gz11o","language":"en","transactionHash":"0x36a8698323acd7dd81414d6e4466b95dccba8a3419982f1883f559d115f18500","created":"2023-05-07T12:55:57.260Z","updated":"2024-02-05T13:46:58.893Z","title":"Ren Protocol","summary":"Ren Protocol is a cross-chain DeFi platform that used RenVM to bridge assets like Bitcoin onto Ethereum; after the FTX/Alameda collapse its Ren 1.0 network was shut down and development shifted to the planned Ren 2.0 under the Ren Foundation.","content":"**Ren**, previously called Republic Protocol, is a protocol that facilitates the transfer of various crypto assets to the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain), enabling users to access [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) products without the need to sell their assets. With the ability to move crypto assets across different [blockchains](https://iq.wiki/wiki/blockchain), users can lock their assets in a [smart contract](https://iq.wiki/wiki/smart-contract) and receive [ERC-20](https://iq.wiki/wiki/erc-20) tokens in exchange. Ren's native [cryptocurrency](https://iq.wiki/wiki/cryptocurrency), **REN**, is utilized to cover operations on the Ren network. The primary offering of Ren is [RenVM](https://iq.wiki/wiki/renvm), which enables the interoperable and private transfer of value between different [blockchains](https://iq.wiki/wiki/blockchain) through the use of secure multi-party computation.[[1]](#cite-id-qpxgqpvq8ai)[[2]](#cite-id-7elzg6geor) \n \nFollowing the collapse of [Alameda Research](https://iq.wiki/wiki/alameda-research) and the wider FTX Group, the Alameda-funded Ren 1.0 network was shut down, with mints disabled and users instructed in late 2022 to unwrap bridged assets and return them to native chains to avoid potential losses.[[9]](#cite-id-edk9hh4gmj) In April 2023, assets remaining under Ren 1.0’s control were transferred to segregated FTX debtors’ wallets, while development efforts shifted to Ren 2.0, a planned successor network that remains under development with [testnet](https://iq.wiki/wiki/testnet) deployment plans but no publicly announced [mainnet](https://iq.wiki/wiki/mainnet) launch date.[[5]](#cite-id-xsrarr42sa)[[10]](#cite-id-dz4ixp9k9h) \n \n \n\n [YOUTUBE@VID](mdoc-Qcc2-8)\n\n \n\n## Overview\n\nRen's main function is to act as a custodian for digital assets while they are moved between different [blockchains](https://iq.wiki/wiki/blockchain). This involves securing the assets and generating corresponding tokens on the destination [blockchain](https://iq.wiki/wiki/blockchain). For instance, if a user transfers BTC to [RenVM](https://iq.wiki/wiki/renvm), [RenVM](https://iq.wiki/wiki/renvm) will hold the BTC and create an [ERC-20](https://iq.wiki/wiki/erc-20) token called [renBTC](https://iq.wiki/wiki/renbtc) on the [Ethereum](https://iq.wiki/wiki/ethereum) blockchain in a 1:1 ratio. This ensures that the value of [renBTC](https://iq.wiki/wiki/renbtc) is always equal to that of BTC. The process can be extended to nearly all digital assets and [smart contract](https://iq.wiki/wiki/smart-contract) systems, including native tokens such as [Dogecoin](https://iq.wiki/wiki/dogecoin) and the [Polkadot](https://iq.wiki/wiki/polkadot) blockchain.[[3]](#cite-id-dp7afpzrbqq) \n \n ![RenOverview.jpg.webp](https://ipfs.everipedia.org/ipfs/QmVwBMqR8xXoAsLy1ZXvW3m22zbBjATtpu3i9EmXuG7bsE) Ren enables interoperability and eliminates barriers by functioning as a \"universal translator\" or adapter. It accomplishes this by converting the native format of a blockchain to the format required by the destination chain.[[3]](#cite-id-dp7afpzrbqq) \n \n\n### RenVM\n \n[RenVM](https://iq.wiki/wiki/renvm) utilizes secure multi-party computation (sMPC), a cryptography subfield that enables [nodes](https://iq.wiki/wiki/node) to jointly compute a function over their inputs while maintaining input privacy. By implementing sMPC, [RenVM](https://iq.wiki/wiki/renvm) ensures that inputs remain hidden from all parties, including the [nodes](https://iq.wiki/wiki/node) that power them. To achieve this, RenVM splits private key pieces within each node, ensuring that the nodes themselves are not aware of which pieces they possess.[[3]](#cite-id-dp7afpzrbqq) \n \nThrough its ability to manage private keys on multiple [blockchains](https://iq.wiki/wiki/blockchain), RenVM enables the transfer of [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) across these [blockchains](https://iq.wiki/wiki/blockchain). As a network of nodes, RenVM functions as an autonomous agent that securely manages ECDSA private keys on different blockchains, thereby allowing for the decentralized and permissionless movement of digital assets between them. Technically, RenVM is a byzantine fault-tolerant protocol that [leverages](https://iq.wiki/wiki/leverage) sMPC to execute ECDSA threshold key generation and signing.[[3]](#cite-id-dp7afpzrbqq) \n \n\n### Ren 2.0\nRen 2.0 centers around decentralization and security enhancements, including support for generic application logic on top of Ren, an enhanced MPC algorithm that can handle a wider range of signing schemes and is more scalable, and optimized [tokenomics](https://iq.wiki/wiki/tokenomics) that incentivize ecosystem participants.[[4]](#cite-id-i5dqncu3h3) \n \nRen has expanded to include a wide range of assets across [smart contract](https://iq.wiki/wiki/smart-contract) chains such as [Arbitrum](https://iq.wiki/wiki/arbitrum), [Polygon](https://iq.wiki/wiki/polygon), and [Solana](https://iq.wiki/wiki/solana). This multichain support facilitates interoperability between different ecosystems in the crypto space. Additionally, two major upgrades were included to the protocol. Firstly, the direct bridging of renASSETS between [smart contract](https://iq.wiki/wiki/smart-contract) chains was enabled, resulting in a quicker and more cost-effective transfer process. Secondly, the protocol now allows for generic tokens, such as [stablecoins](https://iq.wiki/wiki/stablecoin) and native assets like ETH, to be moved between these smart contract chains.[[4]](#cite-id-i5dqncu3h3) \n \nFollowing the funding shortfall caused by Alameda and FTX entering bankruptcy, the Ren team outlined Ren 2.0 as a new architecture based on [Geth](https://iq.wiki/wiki/geth) with a FROST-based MPC implementation, and prepared a public [testnet](https://iq.wiki/wiki/testnet) to demonstrate its capabilities before any [mainnet](https://iq.wiki/wiki/mainnet) deployment.[[10]](#cite-id-dz4ixp9k9h) The team has emphasized the need to test, harden and audit this architecture, and to secure additional funding, and has not publicly committed to a specific [mainnet](https://iq.wiki/wiki/mainnet) launch date for Ren 2.0.[[10]](#cite-id-dz4ixp9k9h) In April 2024, Ren stated that Ren v2 development and the Ren [Foundation](https://iq.wiki/wiki/foundation) are separate from, and unaffected by, the Dappbase Ventures Limited [liquidation](https://iq.wiki/wiki/liquidation) process.[[11]](#cite-id-ciqzbw3tx1)\n\n### Wrapped Bitcoin\n \nIn January 2019, Ren participated in the release of the [whitepaper](https://iq.wiki/wiki/white-paper) introducing [Wrapped Bitcoin](https://iq.wiki/wiki/wrapped-bitcoin-wbtc). The paper introduced the notion of \"wrapped\" tokens, utilizing [Ethereum's](https://iq.wiki/wiki/ethereum) [ERC-20](https://iq.wiki/wiki/erc-20) token standard, with the assurance that WBTC would be the initial wrapped token to be launched. [[8]](#cite-id-k0rshkos5pm) \n \nWBTC is an [ERC-20](https://iq.wiki/wiki/erc-20) token on the [Ethereum](https://iq.wiki/wiki/ethereum) network that serves as a substitute of [Bitcoin (BTC)](https://iq.wiki/wiki/bitcoin-btc). WBTC functions similarly to any other [ERC-20](https://iq.wiki/wiki/erc-20) token within the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain) ecosystem. This enables its usage in [DeFi](https://iq.wiki/wiki/defi) protocols and trading on centralized exchanges.[[8]](#cite-id-k0rshkos5pm) \n \n\n## Tokenomics\n\nREN is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) with a fixed supply cap of 1 billion tokens, 60.2% of which was sold to investors during a presale and public token sale in 2018. Ren also has a reserve fund of 19.9% of the total supply, while 9.9% was allocated to advisors, the team and founders, with a two-year lock-up period for team tokens and six-month lock-up for advisor allocations. Additionally, 10% of the REN supply is allocated for activities such as partnerships and development. REN is an [ERC-20](https://iq.wiki/wiki/erc-20) standard token.[[3]](#cite-id-dp7afpzrbqq) \n \n\n### Initial Coin Offering\n \nIn 2018, the Republic Protocol launched two rounds of initial coin offerings (ICOs) for the Republic token (REN). The first was a private ICO which took place in late January of 2018 and raised a handsome 28 million USD. The second ICO, this time public, was held a few days later in early February and raised a modest 4.8 million USD.[[7]](#cite-id-27ek5nedjt3j) \n \n\n## Alameda Research\n\nIn February 2022, Ren joined [Alameda Research](https://iq.wiki/wiki/alameda-research) in an effort to increase resources and advance its mission of promoting interoperability in the decentralized finance industry. Ren's CEO, [Taiyang Zhang](https://iq.wiki/wiki/taiyang-zhang), stated that the acquisition by Alameda would accelerate the decentralization of its technologies, and that the company would benefit from Alameda's resources.[[5]](#cite-id-xsrarr42sa) \n \n ![Fte9OrlagAA_MeR.jpeg](https://ipfs.everipedia.org/ipfs/Qmf5LzcqWzgQCj1665GQR31h1KWcZ9Yf1F3dKpwFQzjBrD) After the collapse of [Alameda Research](https://iq.wiki/wiki/alameda-research), Ren protocol recommended users to bridge their assets to native chains in case of a potential shutdown of their systems and infrastructure. The bridge service also highlighted that they would transfer the assets to a segregated wallet specific to Ren’s assets to separate the funds from other debtor wallets.[[6]](#cite-id-cfmfroiumau)[[3]](#cite-id-dp7afpzrbqq) In April 2023, the remaining assets associated with Ren 1.0 were moved into segregated FTX debtors’ wallets as part of the bankruptcy process, formally ending Alameda’s operational involvement with the protocol.[[5]](#cite-id-xsrarr42sa) With Ren 1.0 shut down and Ren 2.0 still undergoing testing and funding efforts, the timeline for a fully open-source, community-run Ren 2.0 [mainnet](https://iq.wiki/wiki/mainnet) rollout has remained uncertain.[[10]](#cite-id-dz4ixp9k9h) In relation to subsequent corporate wind-down proceedings, Grant Thornton has acted as joint liquidator for Dappbase Ventures Limited and has stated that official creditor notices and communications are being provided through its [liquidation](https://iq.wiki/wiki/liquidation) website.[[12]](#cite-id-gwcrhshx6g) Ren has directed potential creditors to that site while emphasizing that Ren v2 development and the Ren [Foundation](https://iq.wiki/wiki/foundation) remain separate from, and unaffected by, the Dappbase liquidation, which is distinct from the already-completed shutdown of the Ren 1.0 network.[[11]](#cite-id-ciqzbw3tx1)\n## Founders\n\nRen was established in 2017 by its CEO, [Taiyang Zhang](https://iq.wiki/wiki/taiyang-zhang) and [Loong Wang](https://iq.wiki/wiki/loong-wang). Originally known as Republic Protocol, Ren was launched in January 2018, with Zhang citing its primary use case as a \"decentralized dark pool.\" Zhang also co-founded the crypto hedge fund Virgil Capital.[[3]](#cite-id-dp7afpzrbqq) \n \nPrior to that, Zhang co-founded Neucode, a software and web development startup, in 2014. Jaz Gulati, who co-founded Neucode with Zhang, works as a software developer for Ren.[[3]](#cite-id-dp7afpzrbqq)","recentActivity":null,"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"categories":[{"id":"projects-and-protocols","title":"Projects & Protocols"}],"tags":[{"id":"DeFi"},{"id":"Infrastructure"}],"images":[{"id":"QmRFzg4x72icyp1Z9fGSBu7cRhp7RBNAzfT8gQDA8yoaz1","type":"image/jpeg, image/png"}],"media":[{"name":"mdoc-Qcc2-8","id":"https://www.youtube.com/watch?v=mdoc-Qcc2-8","size":"0","type":null,"source":"YOUTUBE"},{"name":"RenOverview.jpg.webp","id":"QmVwBMqR8xXoAsLy1ZXvW3m22zbBjATtpu3i9EmXuG7bsE","size":"0.02","type":"GALLERY","source":"IPFS_IMG"},{"name":"Fte9OrlagAA_MeR.jpeg","id":"Qmf5LzcqWzgQCj1665GQR31h1KWcZ9Yf1F3dKpwFQzjBrD","size":"0.13","type":"GALLERY","source":"IPFS_IMG"}],"linkedWikis":{"founders":["loong-wang","taiyang-zhang"],"blockchains":["ethereum"],"speakers":[]},"events":[{"type":null,"date":"2022-08-01","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"Ren 2.0","description":"Ren 2.0 was launched","link":"https://medium.com/renproject/introducing-ren-2-0-43025b3d5d6 ","id":"b69b6594-0cb9-4de6-81ec-b22bbefd8134"}],"founderWikis":[{"id":"loong-wang","title":"Loong Wang"},{"id":"taiyang-zhang","title":"Taiyang Zhang"}],"blockchainWikis":[{"id":"ethereum","title":"Ethereum"}],"metadata":[{"id":"twitter_profile","value":"https://twitter.com/renprotocol"},{"id":"reddit_profile","value":"https://www.reddit.com/r/renproject"},{"id":"github_profile","value":"https://github.com/renproject"},{"id":"medium_profile","value":"https://medium.com/@RenOps"},{"id":"blocks-changed","value":"tags, events"},{"id":"wiki-score","value":"90"},{"id":"references","value":"[{\"id\":\"qpxgqpvq8ai\",\"url\":\"https://www.kraken.com/prices/republic-protocol\",\"description\":\"Kraken\",\"timestamp\":1683462670491},{\"id\":\"7elzg6geor\",\"url\":\"https://messari.io/asset/ren/profile\",\"description\":\"Messari\",\"timestamp\":1683462677843},{\"id\":\"dp7afpzrbqq\",\"url\":\"https://coinmarketcap.com/alexandria/article/bringing-bitcoin-to-defi-a-complete-beginners-deep-dive-into-renvm\",\"description\":\"Coinmarketcap\",\"timestamp\":1683462958211},{\"id\":\"i5dqncu3h3\",\"url\":\"https://medium.com/renproject/introducing-ren-2-0-43025b3d5d6\",\"description\":\"Ren - Introducing Ren 2.0\",\"timestamp\":1683463839870},{\"id\":\"xsrarr42sa\",\"url\":\"https://cointelegraph.com/news/ren-protocol-transfers-all-assets-to-ftx-debtors-wallet-in-case-of-shutdown\",\"description\":\"Cointelegraph\",\"timestamp\":1683465520222},{\"id\":\"cfmfroiumau\",\"url\":\"https://beincrypto.com/ren-protocol-to-shut-down-launch-new-network/\",\"description\":\"Beincrypto\",\"timestamp\":1683465532071},{\"id\":\"27ek5nedjt3j\",\"url\":\"https://morioh.com/p/4b3bff96acc5\",\"description\":\"Morioh\",\"timestamp\":1683465856018},{\"id\":\"k0rshkos5pm\",\"url\":\"https://www.bitstamp.net/learn/cryptocurrency-guide/what-is-wrapped-bitcoin-wbtc/\",\"description\":\"Wrapped Bitcoin\",\"timestamp\":1684296913150},{\"id\":\"edk9hh4gmj\",\"url\":\"https://cointelegraph.com/news/ren-protocol-warns-users-to-unwrap-tokens-or-risk-losses-as-upgrade-looms\",\"description\":\"Cointelegraph\",\"timestamp\":1790866609556},{\"id\":\"dz4ixp9k9h\",\"url\":\"https://medium.com/renprotocol/moving-on-from-alameda-da62a823ce93\",\"description\":\"Ren – Moving on From Alameda\",\"timestamp\":1790866609556},{\"id\":\"ciqzbw3tx1\",\"url\":\"https://x.com/renprotocol/status/1912905772326862925\",\"description\":\"Ren on X\",\"timestamp\":1790867232639},{\"id\":\"gwcrhshx6g\",\"url\":\"https://www.doanegrantthornton.ca/service/advisory/creditor-updates/#Dappbase-Ventures-Limited\",\"description\":\"Grant Thornton – Dappbase creditor updates\",\"timestamp\":1790867232639}]"},{"id":"previous_cid","value":"QmR4sTGBPkL22qyuoSkzm6vfSUzRPVZL6KfwoC9c9Gz11o"},{"id":"commit-message","value":"Expand Ren Protocol summary by 302 words"},{"id":"previous_cid","value":"QmR4sTGBPkL22qyuoSkzm6vfSUzRPVZL6KfwoC9c9Gz11o"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"views":3042}