Following the lead of @Mringz , this post serves to inform the community about my initial engagements with the Ren Project and what the Index Coop community can expect from me as a protocol ambassador based on what I have learned about REN and its community. The REN token is key to Ren Project governance and is a constituent part of the DPI token.
REN allows permissionless bridging between blockchain networks. This is achieved using the RenVM, a network of darknodes, that allow cross-chain interoperability. The project was an early way to bring BTC to the Ethereum blockchain – as a wrapped token, renBTC.
More recently, there are integrations between many other chains and projects, including Polygon, Arbitrum, and Badger DAO.
To run a darknode and help enable the RenVM, $REN100,000 must be staked. In return, the operator is given REN-DN tokens and only these can be used directly for governance - more below.
For transparency, I had a call with their Ecosystem Advocate Maximilian Roszko this week after introducing myself in this post on their governance forum.
Ren Project Governance
The operators of the darknodes must stake REN tokens in order to participate in the network. In return for running a node, they receive rewards. (I posted about how Index Coop might use its REN for intrinsic productivity some time ago).
Darknode operators receive REN-DN tokens and these are used for voting on RIPs (REN Improvement Proposals). RIPs are initially posted on the Ren discourse for signaling before heading to snapshot for voting on by the REN-DN holders.
An interesting part of becoming eligible for voting with REN-DN is that there is a quadratic aspect to voting power. This means that to begin with a voter has much less voting power than a similar holder of REN who has staked and held REN-DN for a long time. As time passes, the new voter’s voting power approaches an even level.
We currently have over 7 million REN in DPI but, due to the staking requirements of REN and the nature of DPI, we cannot currently vote on RIPs. However, there are avenues which can be explored, such as running a node or the idea of pooling, and I will be following up on these with the Meta-Gov team and Engineering.
Ren is a centralised organisation that is becoming more decentralised. The protocol depends on a network of operators who are not part of Ren the organization. These operators organise via the forum and community calls. They vote on RIPs on snapshot to indicate to the developers changes that should go through. The Ren team and the community actively engage with each other.
The Index Coop can expect the following from me as an ambassador:
- Attending REN’s community calls to keep updated with all developments at REN.
- Attempt to use REN tokens held in the DPI contract to participate appropriately in REN Governance
- Assist in matters concerning the Index Coop and REN
- Communicate any major developments involving Index Coop and REN to the community
I am glad to have met with Maximilian Roszko and look forward to seeing the project continue to follow its roadmap as well as bringing any useful learnings to the Index Coop community. Members of the REN community have welcomed my post on behalf of the Index Coop, and I look forward to maintaining good communications.
If you would like to see more from me let me know in the comments, feedback welcome.