RNDR surges 50% in two days after community approved Solana expansion RNDR surges 50% in two days after community approved Solana expansion
The Render community approved the RNP-002 on April 26 — which determined the implementation of the BME model on the Solana blockchain.
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Updated: Apr. 28, 2023 at 10:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to the CryptoSlate data, the Render Network token (RNDR) recorded a 43% surge in two days after the community approved the network’s Solana (SOL) expansion.
The Render community approved two proposals, RNP-002 and RNP-003, on April 26 — which determined an expansion to the SOL blockchain and a new method of allocating network resources.
The surge
CryptoSlate data indicates that the RNDR token was being traded for around $1.7911 on April 26. As of April 28, the price increased as high as $2.5615 — marking a 43% increase in two days.
At the time of writing, the RND token is being traded for around $2.5381 — reflecting a 36.32% increase over the last seven days. The token’s current price also marks a 98% and 68% surge in the previous 30 days and 365 days, respectively.
RNP-002
The RNP-002 proposal was titled “Layer-1 Network Expansion” and offered to move the Render protocol to SOL blockchain as the Layer-1 network. Around 4.8 million voters approved the proposal, — opposed to roughly 36,000 who rejected it — resulting in a 99.26% acceptance rate.
When the proposal was first launched, the Render Network founder Jules Urbach described the benefits of the proposal by stating:
“Solana has the right mix of speed without compromising security (vs side-chain approaches). I think if nothing else we need to ensure we get fast speed, but never at the expense of security in the long run.
Approval of the proposal determined the decision to deploy its Burn-and-Mint Equilibrium (BME) model to the SOL blockchain.
RNP-003
The RNP-003 proposal, titled “Resource Acquisition and Allocation for Core Team and Grants,” was also approved by 99.9% of the community, with nearly 4.7 million supporting votes as opposed to 4,900 rejecting.
The RNP-003 offered to put governance and control in the hands of the Render community — which was perceived as a significant step towards decentralization. When announcing the results, the Render team stated that the approval would allow them “to acquire and allocate resources to bring products and growth initiatives to life.”
This was mentioned by the Render team when the proposal was first published. The team stated that they’d propose further RNPs that can introduce better mechanisms for increasing liquidity and provider rewards once the RNP-003 was approved.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Rendertoken is a decentralized economy of 3D assets utilizing the global network of GPU devices through its cloud rendering technology.