Ren Project - November Governance Report


This post is an update on the Ren Project as a result of my Ren ambassador role for the Coop. It follows updates in August , September and October.

The Ren Project token ($REN) is part of the DeFi Pulse Index ($DPI) and Filecoin ($FIL) is represented in the DATA Index as $renFIL – a $FIL token wrapped using Ren Project blockchain bridging technology. As such, the Ren Project is both represented and used in Index Coop products.

Treasury Management

Feedback on the Creation of a Treasury Committee RFC posted at the end of October continued throughout November. A vision for gradually decentralizing has formed and a working group structure is being established. A 1kx summary of DAO structures features in the forum post’s thread and shows the idea of working groups as part of a DAO 2.0 idea.

As a reflection of increased community activity, the treasury conversations also took place in Treasury Working Group Call 1 and Call 2. A number of topics were covered but, essentially, the project is seeking to accelerate protocol growth and support the REN ecosystem. Yield on the Community Fund is a key focus.

Quick wins are sought initially for the Community Fund and the suggestion to farm idle assets found traction. Badger and Curve were mentioned and further discussion was given to the ibBTC vault and Sushi Swap LP vaults on Badger, where they envision ⅓ to ½ of funds being allocated.

With regards to the Treasury Working Group itself, it is seen as forming a template for other working groups to use as they set up. Some members of this forum may see similarities with how the IC Growth Working Group serves a similar function at the IC.

The topic continues to be a lively discussion on their Discord :moneybag:treasury channel. And the type of multi-sig needs settling on.

Community Participation

Following on from last month, discussion continued on how to incentivise community participation on their forum and at the fourth community call. An interesting idea around decaying voting power was put forward - If you do not vote, your voting power decreases over time.

Now the REN Discord is much more active, a member decided not to wait for the Community Fund to be set up and held an emoji contest for their Discord server. The fund was boosted by other members to $750 but no submissions of sufficiently high quality were submitted by the Nov 24 deadline.

Decentralized Token Whitelisting

As mentioned last month, for the project to decentralize it is necessary to have a process for selecting which tokens are whitelisted and prioritized for inclusion in the bridging network/protocol. A unanimous Snapshot vote of Ren Darknode operators (REN-DN holders) passed the community whitelisting proposal. This is now live and for tokens to be whitelisted for bridging to other chains the REN community decides on proposals submitted via the form on this post. It may be advantageous for the IC to have a greater awareness of this process in case it may help future products and integrations @Cavalier_Eth @EdwardK, @MrMadila and @mringz . There are no listing fees but liquidity mining and contributions to the Community Ecosystem Fund are allowed.

At the IC

Beyond familiarising ourselves with token whitelisting, we may also find value in getting involved in DAO treasury diversification discussions at REN - @asira , @Matthew_Graham

Also noting, I have responded to the request for DAO connections.


I hope my interactions with Ren Project bring value to the Coop. I am glad to communicate with @MaxRoszko who is also on our forum, and to have been invited to their community calls. I will continue to update on Ren Project news and help inform the Coop when needed.


Great work @mrvls_brkfst. Top-quality content here.

I believe an IC<>REN partnership to be essential in the future if we are to launch more products featuring non-ethereum native assets such as DATA did with renFIL.

One product that is becoming more frequently requested is an L1 index. Whilst some people within IC have expressed a disinterest in non-ethereum native assets we must not fall prey to our own biases, being appropriately agnostic means serving a larger audience.


@mrvls_brkfst I’ve been reading through the monthly updates and find them very informative. I will continue to review your writing and get in contact with REN regarding treasury diversification. Let me know if you have any further advice on how to move forward. Thank you for informing me of this situation.

@funkmasterflex Did you receive anything on the above from mvrls_brkfst?