This is Why Ren Protocol Faces Backlash After Binance Delisting
After more than 10 months of silence, Ren Protocol announced on social media that the long-awaited v2 network upgrade has made progress. However, Binance delisted the REN token today, with the community deriding the “announcement” as a liquidity mining scam.
Prominent commentators such as ZachXBT have expressed serious doubts about the development of the Ren protocol, and the company’s reputation has declined along with the value of its token.
Ren protocol removed from shelves
In a surprising development, any agreement Created the first social media renew It’s over 10 months today. The company discussed the long-awaited Ren v2 upgrade and promised that work is continuing and further announcements will be made soon. Ren Protocol initially announced that it would Shut down its 1.0 network in 2022but the company has done little to replace it.
However, the community immediately noticed a more cynical explanation for this update. On the same day, leading exchanges, Binance announces delisting RENthe protocol token. After December 10, Binance users will not be able to trade, deposit, or withdraw REN tokens. The asset’s price subsequently plummeted.
In other words, Ren Protocol has been completely silent for almost a year and made vague promises about future growth immediately in the wake of impending disaster. Some in the community have publicly accused these developers of scams: they briefly inject liquidity through social media hype.
“Sounds like you’re farming for exit liquidity. Where can we read about the development?” explain a user.
Even on-chain detective ZachXBT critical the project. ZachXBT’s condemnation of the announcement is especially noteworthy, considering his good reputation for Expose fraud. Most of the comments on Ren Protocol’s original post echoed this sentiment.
That said, even if its developers did make substantial progress on the v2 upgrade, Ren Protocol’s reputation has taken a serious hit.
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