Render token rises 8% as community votes on proposed Solana migration Render token rises 8% as community votes on proposed Solana migration
Render Network says the Solana migration was necessary because of "future network growth."
2 min read
Updated: Apr. 5, 2023 at 10:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Render Network’s RNDR is up 8% in the last 24 hours after the community started voting on a proposed migration to Solana (SOL).
The token is trading at $1.37 as of press time and has increased by 15.8% in the last seven days, according to CryptoSlate’s data.
Render eyes Solana migration
The Polygon-based protocol is eyeing a migration to layer 1 blockchain network Solana, according to its RNP-002 Layer 1 Network Expansion proposal.
According to the proposal, the Solana migration was necessary because of “future network growth.” The project noted that:
“[Render needs] a high throughput, low latency blockchain for network settlement and node operation.”
It added that the key advantage of the switch is that it would help itย scale the network to meet the demand of its technical needs and implement the burn-and-mint equilibrium (BME).
According to the proposal, the migration will support the implementation of the BME model by improving transaction times, giving programmers more flexibility, and reducing the cost of transactions.
Besides that, several Render users have complained about their experience on Polygon, citing its re-org tendency, centralization, and transaction fees as why the protocol should migrate.
Meanwhile, the vote is keenly contested โ 54.27% of the Render Community voted against the migration, while 45.73% supported the plan, according to the Snapshot data.
Voting is scheduled to end by 8:00 PM on April 6.
Solana enjoys growth despite issues
Solana has recorded growth this year despite the issues plaguing the network.
Render is another crypto project planning to migrate to the blockchain following projects like Helium (HNT). Helium said its migration would allow it to tap into SOL’s rich ecosystem and network speed.
Meanwhile, Solana’s price has recovered from the lows of 2022, growing by more than 100% to erase the losses recorded post-FTX. At the time, SOL traded for under $10 but has since recovered to $21.23 as of press time, according to CryptoSlate’s data.
Besides that, Solana’s on-chain activity has continued to grow, with the total value of assets locked on the protocol at $285.89 million โ a high for the year, according to DeFillama data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Render
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Rendertoken is a decentralized economy of 3D assets utilizing the global network of GPU devices through its cloud rendering technology.
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
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Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.