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Ren Protocol stated in its update that it is actively working on the v2 upgrade and promised to release more details soon.
The timing of the announcement raised eyebrows. Binance’s decision to delist REN means trading, deposits, and withdrawals will halt on December 10. Following the news, REN’s price dropped sharply. Critics accused Ren Protocol of using the upgrade announcement as a ploy to pump liquidity.
Blockchain investigator ZachXBT voiced skepticism, echoing concerns from the wider community. Known for exposing fraud in the crypto space, his criticism added weight to allegations of mismanagement or worse.
Reactions on the community were largely adverse towards the announcement. Most users questioned the seriousness of the upgrade claims. They called the timing “suspicious” and claiming the team was taking advantage of investors’ trust.
Whether real progress was made or not, this situation has been a serious blow to Ren Protocol’s reputation. With its token delisted from a leading exchange and trust at an all-time low, the project faces an uphill battle to regain credibility.
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