AI elder project Render Network (RNDR) catches a ride and upgrades to the Solana network.

Earlier this year, the well-established project RNDR in the cryptocurrency market, which surged with the trend of the Metaverse and AI, has recently hopped on the Solana bandwagon, announcing the upgrade of its decentralized computing network, Render Network, from Ethereum to Solana. It will also issue a new token called RENDER on the Solana blockchain. To incentivize users to upgrade, the foundation will cover the one-time upgrade cost from the Ethereum network to the Solana network, and early adopters will receive liquidity rewards.

For more details on the project: Metaverse concept token RNDR tripled in value since the beginning of the year, with Beeple joining as an advisor.

What is Rendering?

Rendering is a term used in 3D software to describe the process of creating model images through computer programs.

As 3D graphics become more sophisticated and realistic, creators require significant GPU computational support during the rendering process. Render Network utilizes blockchain technology to provide a distributed GPU rendering platform, allowing nodes to offer idle GPUs, freeing creators from hardware limitations and enabling them to produce their work with minimal time and cost.

With the emergence of more sophisticated 8K content, augmented reality (AR), virtual reality (VR), and metaverse platforms, the demand for GPU computing power is expected to increase. Render Network, from another perspective, addresses the shortage of computing power. Since October last year, creators have been able to access Render services on Apple's iPad and iPhone, supporting more AI models to make the metaverse world more easily achievable.

Native Token RNDR

The native token of Render Network, RNDR, plays a significant role as transaction fees in rendering! RNDR conducted its first public token sale in October 2017 and a private sale in the first half of 2018, with each RNDR priced at $0.25. By the end of 2021, Render Network raised another $30 million in funding.

According to information from CoinMarketCap, the current total circulating supply of RNDR is 370 million tokens out of a total supply of 530 million tokens. With the current market price at $2.39, the market capitalization is approximately $890 million, showing an 8.6 times increase year-to-date.

Despite the overall market downturn in the past six months, RNDR's price has remained relatively supported, indicating substantial demand backing it. RNDR has also seen an increase of over 6% in the past week.

Transaction Speed and Cost are the Main Reasons for Migration

However, the operation of Render Network on Ethereum has been significantly impacted by Ethereum's high gas fees, affecting the creators' costs. With Solana's steady development over the past few months, Render Network has decided to migrate to the Solana blockchain!

Render Network's founder and architect, Jules Urbach, stated:

Moving Render's core infrastructure to Solana is a watershed moment that unlocks key new features like real-time flow and dynamic NFTs. Solana's incredible transaction speed, low costs, and commitment to network scalability make it an excellent fit for the rendering network.

Multiple Reward Measures to Assist User Migration

Render Network has successfully announced the migration to Solana, allowing RNDR token holders to move from the Ethereum blockchain to the Solana blockchain. They are providing the following incentive measures:

• For the first three months, the foundation will cover the one-time upgrade fee from the Ethereum network to the Solana network.
• RENDER token holders can receive liquidity rewards.
• Each RNDR wallet captured by November 15, 2023, will qualify for one free transaction to upgrade their RNDR tokens to RENDER.

Subsequently, Render Network plans to immediately undergo another upgrade, introducing the Burn-Mint-Equilibrium model for the new RENDER token to implement a balance of destruction and minting. It also includes new customer computing and other functions, which are expected to be implemented in the coming weeks.