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- Ren Foundation established to advance trustless blockchain interoperability and research.
- Ren v1 enabled $13 billion in cross-chain transactions, unlocking DeFi for Bitcoin.
- Foundation ensures project continuity after private acquisition and bankruptcy risks.
Today marks the establishment of the Ren Foundation, an autonomous entity dedicated to advancing trustless blockchain interoperability through research and development. The Ren project, originating in 2017, remains steadfast in its mission to facilitate cross-blockchain value transfers.
In particular, the Ren Foundation has the core belief that Bitcoin plays a pivotal role in safeguarding against global currency debasement. To enable Bitcoin’s decentralized financial utility, the project emphasizes the importance of trustless interoperability between blockchains and liquidity in decentralized exchanges.
Today, we're thrilled to introduce the Ren Foundation, an independent organization dedicated to the research and development of trustless blockchain interoperability.https://t.co/QWedqDrPHS
— Ren (@renprotocol) September 25, 2023
Specifically, the inaugural iteration, Ren v1, became the first widely adopted interoperability protocol supporting Bitcoin. It enabled over $13 billion in cross-chain transactions among various blockchains, including Solana, Cosmos, and Ethereum Virtual Machine (EVM) chains via Kava. This groundbreaking achievement opened the doors for Bitcoin holders to participate in decentralized finance (DeFi) activities.
While Ren v1 provided invaluable insights into protocol design, user experience, and security, its rapid growth hindered gradual decentralization. The project’s development funding was further jeopardized when Alameda Research acquired the original team and subsequently declared bankruptcy, exposing the risks of public good software relying on private entities.
This experience prompted the Ren community to establish the Ren Foundation, ensuring the project’s continuity, expansion, and stability. The foundation’s primary objective is to lead Ren’s evolution and contribute to blockchain interoperability research.
As the Ren project enters this new phase with the Ren Foundation, the commitment to fostering trustless blockchain interoperability remains unwavering, emphasizing Bitcoin’s crucial role in the decentralized finance landscape. The foundation aims to build upon the accomplishments of Ren v1, using lessons learned to drive future iterations and innovations in the blockchain space.