Voting Ends on This Altcoin: 180 Million New Coins Will Be Issued!

RenBTC named tokenized Bitcoin management members of Ren, a project that oversees 180 million REN voted to print tokens ($10.8 million).

These tokens will be used as fresh capital to fund a new Ren 2.0 protocol following the collapse of Ren’s main backer, Alameda Research, last month.

In November, the Ren team announced that it would cease operations as a centrally run project, dubbed Ren 1.0, due to funding issues.

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Ren was acquired by Alameda in February 2021, but Alameda’s collapse resulted in Ren’s primary source of financial support disappearing.

The team then decided to discontinue the activities of the existing protocol (Ren 1.0) and replace it with a new community managed alternative (Ren 2.0). To fund the transition to the second version, the team requested new funding in the form of new REN tokens.

On December 15, the Ren team proposed to issue new tokens that would serve as capital for the Ren 2.0 project. The Ren protocol put the proposal on the Snapshot platform to be voted on by members of the administration or existing REN token holders.

As part of the now approved vote, members were presented with four choices for how many tokens to mint: 50 million, 100 million, 150 million or 200 million. There was also the option to decline the offer.

According to data from Snapshot, only 5.12% of voters rejected the offer. A majority of 80.78% of voters chose the 200 million token option. A small portion of 1.08 voted in favor of 150 million tokens, while 2.05% chose 100 million tokens and 10.97% chose 50 million tokens. Using the weighted average of these results, it is estimated that 180 million Ren tokens will be produced, worth approximately $10.8 million at current market prices.

*Not investment advice.