REN is Diving to the Bottom
REN prices are sinking as the cross-chain bridge platform Ren Protocol is directly owned by the infamous FTX crypto exchange and its sister company Alameda Research that collapsed in 2022. REN community is trying to restart the network with the introduction of REN 2.0, but this remained in paper.
Meanwhile, $13 million assets of the REN project were transferred to FTX debtors in April 2023, and new degradation of REN assets is possible. Development activity of the network is close to zero, according to Santiment.net. REN holdings dropped sharply in June and have not recovered since then. The project is seen in disarray, while its coin prices are inevitable diving further to $0.025.
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