Blockchain analytics firm Santiment reports that an Alameda-linked altcoin project is back in action as we head into the new year. The project is coming to life both from a networking and technical point of view.
Santiment tweeted that this altcoin project is reviving
The blockchain analysis firm is detecting some “wild price” actions for Ren (REN) in the last days of the year. The tweet says the price action comes at a time when the rest of the crypto market is quiet. According to the post, Alameda Research had purchased the project about two years ago. It also announced that it will print 180 million REN coins in preparation for Ren 2.0. Alameda Research is one of FTX’s sister companies. It went bankrupt with FTX in November.
As can be seen from the chart Santiment shared today, development activity for the project is essentially at a standstill while the REN is rising. The REN’s discussion rate is starting to rise as investors notice the altcoin’s price takeoff. cryptocoin.comAs you follow, another altcoin project that came up with Alameda was the 1inch Network (1INCH).
On December 27, the price of the REN rose a staggering 31.11% at one point. Alongside strengthening against the Dollar, the price of the REN has strengthened against Bitcoin and Ethereum. As a result, the REN is currently trading at $0.07264. It’s holding around 2% of its gains over the last 24 hours.
Rhine and Alameda relationship
Ren is software that aims to incentivize a global network of users to allow anyone to transfer both new and existing assets between different Blockchains. The duo announced their first collaboration in February 2021. On this date, the Ren team joined Alameda, and as part of the partnership, the team launched support for Solana in Multichain libraries and RenVM itself.
Then, with the bankruptcy of FTX and Alameda in November 2022, Ren was in the middle of sales for a long time. Ren then encouraged users to quickly burn tokens issued by bridge services in exchange for their underlying assets, or “risk losing them” as a result of the upgrade.
1) We recently posted an update regarding how Ren will move forward from Alameda: https://t.co/VFEYHbjZmz
— Ren (@renprotocol) November 20, 2022
Also, the plan to upgrade to Ren 2.0 will make Ren an open-source and community-controlled project. It also aims to sever all ties with Alameda Research, which is now bankrupt. The Ren development team chose to accelerate the transition after filing for bankruptcy last month. With the trading desk crashing, the Ren team now only has enough funds until the end of the year. The statements on 18 November were as follows:
Marking this event as the end of Alameda’s involvement in the project by terminating Ren 1.0 preserves the reputation, integrity and therefore long-term prospects of the Rhine ecosystem.