As a cyclist, the current logo is quite obviously a chainring.
But for the Rust logo, the bolt holes don't appear to have much benefit. A simplification keeping the teeth (perhaps fewer teeth) but losing the bolt holes should be viable; this allows a thinner ring and larger letter 'R'.
Possibly Rust should have two logos: the current logo for large sizes and a simplified smaller version. Though, to avoid too much difference between the two, simplifying the larger variant too might be wise.