The team of developers from Ren protocol has joined Alameda Research, the operators of FTX and Solana. Starting from today, the two teams will be working under one roof on expanding the ecosystem of both platforms.
Ren will continue working on developing RenVM, and by Q3, they will also take part in working on Serum and Solana. Ren Protocol announced the merger today on February 2.
According to a recent blog post on Medium, the Ren development team has joined Alameda research in order to combine their collective experience.
By working together, they aim to provide more value to the blockchain industry than they did before. Per the blog, Ren developers are proud to work with Sam Bankman-Fried, DeFi’s most influential figure.
The key takeaways include Ren Protocol working both on their own native systems and on those designed by Alameda Research.
At the very start, developers will work on integrating support for Solana and integrating Ren into Serum. CEO Taiyan Zhang believes that this event will result in Ren cementing its position as the best inoperability network in DeFi.
The announcement notes that Ren plans to finish adding support for Solana and Ren by Q2. Finishing this task should have a gigantic impact on not only Serum but the wider Solana ecosystem as well.
Ren Protocol and Alameda Research will make DeFi more interoperable
From the team merger, Ren Protocol gains access to a diverse list of assets and new users. This will lead to increased fee revenue for all node operators on the Ren Network.
Developers will not only have the opportunity to improve the interoperability platform but to connect it with other protocols as well.
Alameda and Ren will focus completely on development and reaching an entirely new phase of decentralization. According to Zhang, the teams will level up decentralization by distributing control of RenVM to 3rd-parties.
Moreover, another part of the new partnership involves Alameda accelerating the decentralization of RenVM. Sam’s team will participate in the Greycore testnets and mainnet, as well as assist with critical infrastructure.
The Ren team is confident that they will complete the very first steps of reaching phase Zero of the new mainnet. At this stage, the interoperability platform will use Greycore for consensus and smart contract execution.
By Q3 2021 both teams will create a bridge that connects Ren with Solana and other products created by Alameda. Users will have the ability to freely move ETH and other ERC-20 tokens between Solana chains and Ren.
Moreover, this feat will also introduce interoperability to the Solana ecosystem as well. All dApps built on Solana will, at that point, support token transfers between each other.
CEO Zhang expressed his happiness for beginning a new journey with Alameda Research. He ended the blog on a positive note, stating:
“Our team continues to grow and expand, with our existing team continuing on, and new members beginning soon. By joining Alameda, we are incredibly excited to be able to collaborate with a team that has extensive experience and demonstrated skills in the unique mix of technology, finance, operations, governance, and community growth that makes the entire blockchain space possible.”