Render Token (RNDR), the native token of the decentralised GPU supplier, has been strongly rallying and exceeding the overall cryptocurrency market.
For the first time since May 2022, RNDR has increased 305% over the past 30 days to trade as high as $1.78.
The Render Network Foundation’s founding and the acceptance of the RNP-001 (v2) proposal are just two of the events that have spurred the rally.
Blake also used the Render Network to make Lil Nas X’s “Long Live Montero” music video.
The native token of the Render Network, a decentralised GPU supplier based on Ethereum to link 3D artists with node operators who have free GPUs needed to process renders, is called Render Token (RNDR).
Artists who rent out their GPUs are paid in RNDR. However, during the rendering process, all RNDR funds are held in escrow and are only released after the commissioning artist manually confirms successful work.
The Render Network watermarks all assets rendered on the network up until payment is successfully dispersed in order to stop fraud by both lenders and GPU users. Additionally, RNDR serves as the governance token for protocol voting.
Recently Occurring Events
The Render Network has experienced a jam-packed month of events in January. The Render Network Foundation (RNF), a nonprofit organisation, was just created as part of the project. The RNF is a significant advance in the Render Network’s ongoing decentralisation.
The Render Network brand as well as the core Render Network Repos have already been acquired by the Foundation. After the foundation was established, the RNP-001 (v2) plan was put to a vote by the populace.
The Render DAO’s recent proposal to build a burn and mint equilibrium (BME) to make RNDR a payment denomination between artists and operators was unanimously agreed to be implemented on the network.
The popular American rapper Lil Nas X’s music video “Long Live Montero,” which was made by Blake, contained numerous images made with the help of the Render Network, according to the Render Network team.
NFTs and digital art are both using Render Network’s generative art projects more frequently. One of the top Web3 digital art exhibitions in the world, Bright Moments Berlin, is currently featuring BOXED, a work by Render Network founder Lorem.
In a continuous ascent, Render Token (RNDR) has outperformed the cryptocurrency market. RNDR has increased by 94% over the past week and by 305% over the past 30 days.
The price of RNDR has increased during the recent rise to levels last seen in May 2022, reaching as high as $1.78. The surge has slowed, as RNDR has lost 1.98% over the past day and is currently trading at $1.65.
Render Token has re-entered the top 100 cryptocurrencies by market cap as a result of the rise. Render Token is currently ranked 91st with a $427.03 million market cap.
The process for carrying out the plan is now under progress. When the network is put into use, artists will burn the necessary number of RNDR in exchange for non-fungible credits that will be given to the node operators.
The plan states that putting the BME mechanism on the Render Network will turn RNDR into a commodities asset that might eventually become deflationary.
David Ariew (aka OctaneJesus), a well-known non-fungible token (NFT) inventor, has also disclosed that he has been using the Render Network to create his most recent project, “Diamond Dawn.” The launch’s specifics, however, have not yet been made public.
On the other hand
The Render Network is still far from reaching its peak utilisation and demand despite its recent revival.
The Render Network was heavily utilised in November 2021, and RNDR traded as high as $8.76.
Due to the fact that their perspective on the concept is more appealing to them, creators have made up practically the whole Render Network community.
Members of the community are always eager to express their optimism about the project and the RNDR coin. Motion graphics designer Pro Tharan offers his opinions on the endeavour: