Ren 1.0 Network Shutting Down — Ren Asset Holders Urged to Remove Exposure Immediately

On December 20th, 2022, the Ren 1.0 Network will be shutting down. As a result, renBTC holders will no longer be able to bridge these assets back to the native Bitcoin network. This event affects holders of the ibBTC (deprecated) and depositors in the discontinued ibBTC/crvsBTC and renBTC/wBTC Curve LP Vaults.

In response, we urge Badger users remove exposure to renBTC immediately to avoid potential loss of funds . Badger cannot manage or alter user funds in anyway. Actions taken must be done by token holders. Below are the recommended ways users take action as soon as possible…

ibBTC Holders

Holders of wrapped ibBTC can swap out to wBTC using the following Curve LP pool.

https://curve.fi/#/ethereum/pools/factory-v2-60/deposit

Holders of naked ibBTC can redeem their tokens for the underlying bcrvRenWBTC pool tokens using the Badger app and continue to withdraw their vault position from the corresponding renBTC/wBTC.

Redeem ibBTC: https://app.badger.com/ibBTC?chain=ethereum

Withdraw from LP Vault: https://app.badger.com/vault/convex-renbtc-wbtc-1?chain=ethereum

Once withdrawn, users can return to Curve to withdraw their assets into wBTC.

ibBTC/crvsBTC and renBTC/wBTC LP Vault Depositors

Depositors will first need to withdraw from the following Badger LP vaults.

ibBTC/crvsBTC: https://app.badger.com/vault/convex-ibbtc-crvsbtc?chain=ethereum

renBTC/wBTC: https://app.badger.com/vault/convex-renbtc-wbtc-1?chain=ethereum

Once withdrawn, users can return to the corresponding Curve LP’s and withdraw their assets into wBTC.

ibBTC/crvsBTC: https://curve.fi/#/ethereum/pools/factory-v2-60/deposit renBTC/wBTC: https://curve.fi/#/ethereum/pools/ren/deposit

Link to full instructions:
https://docs.badger.com/assistants/removing-exposure-to-renbtc