Render is Switching to Solana After 10x-ing This Year

The Render Network Foundation announced today it has successfully transferred its tokens onto Solana, changing the coin’s ticker from RNDR to RENDER.

Render, which has a market capitalization of $1.7 billion, is up 3.8% to $4.5 today. The token has been on a tear in 2023, surging over 1,000%, the fourth-best performing Ethereum-based token of at least $10 million in market cap, according to CoingMarketCap.

Launched in 2017, the Render Network offers a marketplace for idle GPU compute. It allows users to contribute their unused GPU power to render motion graphics and visual effects, along with enabling artists to tap into the unused computer power. Rendering refers to the process of generating an image from a 2D or 3D model by means of a computer program.

Why Solana

After reviewing a number of different blockchains, including Polygon, Cosmos, Algorand, Optimism and Aptos, the Render Network Foundation opted for Solana.

Among factors considered were developer community, throughput, liquidity, transaction fees, programming languages and smart contracts integration.

Solana garnered 54% support from the community, followed by Polygon, which they used until today, with 14%. Ethereum reaped 10.5% of votes.

In anticipation of future network growth, read RNP-002, there exists a need for a high throughput, low latency blockchain for network settlement and node operation.

“Moving Render’s core infrastructure to Solana is a watershed moment that unlocks major new capabilities like real-time streaming and dynamic NFTs,” said Jules Urbach, the founder and architect of the Render Network.

Burn and Mint Model

The Foundation also announced in a press release it has implemented a Burn and Mint Equilibrium (BME) model. 

“The Render Network remains committed to advancing a fully decentralized ecosystem that harmonizes supply, demand, and infrastructure within the GPU processing landscape,” said Jules Urbach, founder and architect of the Render Network.

The BME upgrade enables predictable pricing, which allows for rendering and AI network tasks to be priced in fiat currencies, along with forecasting costs.

It also implements a predefined supply schedule, token burning, and allocation based on network usage. Payments can also be made in RENDER.

Low Turnout

RNP-006, which enables the BME model, was successfully voted in on Nov. 28, with 84% of the votes in favor.

Only 10 votes were cast, however, and of the 15,000 RENDER tokens used in the poll, nearly 14,000 belong to the top two participating addresses.

Tokens like RENDER, which live at the forefront of the AI-crypto mashup have been roaring in 2023. Ballooning to a market cap of $9.2 billion, experts signal that there is “substance” to the intersection.