Introduction
This post is an update on the Ren Project as a result of my Ren ambassador role for the Coop. It follows last month’s initial report on the Ren Project.
The Ren Project is of increased importance to the Index Coop now that the DATA Economy Index has launched (Ren blog version) with $renFil a constituent part. This is in addition to the DeFiPulse Token, since launch, including the Ren Project’s native token $REN.
Ren Project Governance
We have begun interacting with the Ren Project at an interesting time. The community is undergoing growth and change as a result of an increase in the number of protocols they bridge between and a desire for the community to become more autonomous.
At the beginning of September the community began a process of consultation on how to govern and safekeep a Community Ecosystem Fund. The intention was to establish a method for the Ren community to manage the Community Ecosystem Fund.
The Community Ecosystem Fund is to pay out grants and fund liquidity pools and it had been decided to do this through Funding Rounds. However, in order to carry out these duties they sought a treasury management system. The community desired the greatest decentralization possible and proposed, until the RenVM has a built-in governance module, three options:
- A community multi-sig
- Gnosis SafeSnap
- A full on-chain DAO contract system
Each option has its trade-offs and forum discussion lead to a well-received community call and a following Snapshot vote of the three options.
REN tokens cannot be used to vote, they are used for staking to run a darknode. Voting is done with REN-DN tokens that darknode operators receive.
The result of the vote was:
87% for GnosisSafeSnap, 13% Community multi-sig, 0% On-chain DAO contract
Deployment is now dependent on engineering resources.
Greycore vote
The community also voted to implement an increased minting lowered burning fee strategy during the Greycore transition. Greycore is a step towards protocol decentralization and the fee strategy will help protect the protocol from attack.
Developments
Ren Project provided news on host-2-host, a soon-to-be-released method for seamless cross-chain asset movement.
An Arbitrum renBTC/wBTC Curve Pool.
$1,000,000 bug bounty program with Immunify.
Closing
As noted by Zeb in his Kyber report, the ambassador program is still in its infancy and feedback from the community is appreciated. I hope my interactions with Ren Project bring value to the Coop. I am glad to have met online with @MaxRoszko, who is now also on our forum, and to have been invited to their community call. I will continue to update on Ren Project news and help inform the Coop when needed.