Ren Protocol to Create 180 Million Tokens to Fund Network Upgrade

The Ren DAO has voted in favor of a resolution seeking to allow the minting of 180 million tokens. The tokens will fund the upgrade of the network to a new version.

rain The community has voted to create 180M tokens that will be circulated in a new version for the upcoming upgrade of the protocol. voting process was conducted on Snapshot.org and five options were given to the Rain community.

The choices were based on the number of coins the community wanted to use to develop the new version. They ranged from 50M, 100M, 150M and 200M tokens. The final option, ‘Reject’, also allowed stakeholders to decline the proposal to mint tokens for the purposes of development of the network.

Voting, verification and documentation were to be done openly. The voting system was designed such that the weighted average of the voting power among the options would be the final amount of tokens that would be sent to the Rain Foundation.

Thus, each vote was important enough to affect the outcome of the process. It also means that the final sum could have been a non-rounded number like 124.54. Furthermore, if more than 50% of the weighted voting power had gone with option E, the proposal would have been rejected.

The voting process ran from December 14 to December 21 to allow all members of the Ren community to be informed and participate. As soon as the voting process was over, the results of the election came to the fore. Here’s how the community voted:

Rain Protocol to Create 180 Million Tokens to Fund Network Upgrade - 1

The final tally tipped in favor of 200M. However, not everyone voted for the same; Therefore, only 80.78% of the 200M REN was minted. Then the just-concluded process is a big step forward in the governance of the Rain Protocol. Said It will stop being centralized in November due to funding issues.

In February 2021, Alameda Research acquired Rain. Thus, the fall of Almeida put a hole in its accounts. the fall of ftx According to the Chainalysis report, DeFi adoption has also accelerated as DEXs are registering record transaction volumes. Now, how cool would it be to follow Ren’s protocol Alameda’s leadership remains to be seen.


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