beincrypto.com
After over 10 months of silence, Ren Protocol announced on social media that it made progress on the long-awaited v2 network upgrade. However, Binance delisted the REN token today, and the community derided this “announcement” as a liquidity farming scam.
Prominent commentators like ZachXBT voiced heavy skepticism about Ren Protocol development, and the firm’s reputation cratered alongside its token value.
Ren Protocol Delisted
In a surprising development, Ren Protocol made its first social media update in over 10 months today. The firm discussed its long-awaited Ren v2 upgrade, promising that work is continuing and further announcements should be coming soon. Ren Protocol initially announced it would shutter its 1.0 network in 2022, but the firm has done little to replace it.
However, the community immediately noticed a much more cynical explanation for this update. The same day, the leading exchange, Binance, announced that it was delisting REN, the protocol’s token. After December 10, Binance users will not be able to trade, deposit, or withdraw REN tokens. The asset’s price subsequently cratered.
In other words, the Ren Protocol was completely silent for nearly an entire year, and it made vague promises of future growth immediately after an impending disaster. Several figures in the community openly accused these developers of conducting a scam: they would briefly pump liquidity through social media hype.
“Sounds like you’re farming for exit liquidity tbh. Where can we read about development?” said one user.
Even on-chain sleuth ZachXBT criticized the project. ZachXBT’s condemnation of this announcement is particularly noteworthy, considering his sterling reputation for unmasking frauds. Most comments on Ren Protocol’s initial post echoed this sentiment.
In other words, even if its developers truly made substantial progress on the v2 upgrade, Ren Protocol’s reputation has sustained a serious blow.