Appreciate your points of concern. I understand that the portion of the code that has the greatest weight for security is in the sMPC audit. I believe there are currently ongoing audits for additional parts of the code (those from the community, please correct me if I’m mistaken).
For those curious about RenVM’s decentralization plans, please refer to the official medium article that @berni posted. RenVM is being rolled out in progressive stages per Andreessen Horowitz’s guidelines on Progressive Decentralization.
Ren has communicated their approach openly from the start and believes it is the safest and most prudent way to protect users’ funds. There are trade-offs of course (remaining more centralized in the beginning), but Ren believes this is more prudent than releasing an untested protocol into the wild from day one (as we’ve seen with recent releases of tBTC, YAMs, etc.)
Great question! We are debating these exact topics and the proper path forward in the Ren Telegram and Ren Forum. Please feel free to come and offer your constructive criticism to contribute to Ren’s planning for even greater security and stability.
As a high level summary, Ren has multiple levers (Mint %, Burn %, and Continuous % fees) that can be adjusted to 1) affect volume and 2) affect intrinsic Ren token value (which would increase bonded value aka TVB). Ren is also working with multiple organizations part of the Ren Alliance to increase number of integrations (see original post)
In addition, currently, you need 100k Ren tokens to spin up and operate a dark node (which adds to the TVB). There are also ongoing discussions in the forum to create pools of $Ren token liquidity that would receive portions of darknode fees (at an appropriate % that would be fair to both dark nodes and stakers). This would also increase TVB and increased locked $Ren allowing for a more stable price.
Again, thanks for pointing out your concerns! Hopefully, I and other commenters have helped address your concerns or at least the plans and discussions in place to control for those concerns.
At the end of the day, our audience is the Aave community, so I invite those outside of the Ren and Keep ecosystem to offer their thoughts as well.