The Ren community, which oversees the issuance of a DeFi protocol that wraps cryptoassets, is considering minting new tokens to raise funds after the collapse of Alameda Research left the project without funding. The community also voted to create the Ren Foundation, an organization that will lead the future development of the project.
The vote was based on a proposal submitted to the DAO Forum by Ren ecosystem advocate Maximillian Roszko. As part of the vote, Ren DAO members will decide how many new Ren tokens to mint. The five options proposed by the proposal include 50 million, 100 million, 150 million or 200 million REN tokens, as well as rejection of the entire funding plan.
At current token prices, Ren could raise between $4 million and $17 million. Ren community voting will end on December 21st.
Early votes showed support for minting 200 million new Ren tokens, according to data from the Snapshot voting page. This option has attracted 75% of the vote so far.