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What Render’s latest update and Solana’s migration mean for RNDR holders
Posted:
| Last updated: November 12th, 2023
Journalist
- Node Operators on the Render network would get the first set of tokens by 31 December.
- With Solana involved, RNDR may now have another bullish backing for the long term.
Render Foundation, the team behind the distributed GPU rendering network Render [RNDR] has announced 1.4 million in RNDR tokens as incentives for its node operators. A node operator is either a miner or validator on a network.
Read Render’s [RNDR] Price Prediction 2024-2025
Operators over airdrop hunters
Whether validator or miner, node operators are responsible for managing and monitoring information stored on the blockchain. Render’s announcement comes days after it disclosed that it was collaborating with compute clients on Solana [SOL].
Nice launch @ionet_official ! Welcome to @solana
Render Foundation Announces Compute Client Incentives of 1.14M RNDR
Render Foundation Announces 1.14 Million RNDR Incentive Program for Node Operators on https://t.co/S8Zu3iZfhH and Other Compute Clients, Node Waitlist Open…
— The Render Network (@rendernetwork) November 3, 2023
For context, a compute client is used to connect a node on a particular blockchain with another node on another network. Hence, Render’s integration with Solana means that it is dedicated to preventing transaction failure.
Furthermore, Render Foundation’s decision to reward node operators means the project holds the group in high esteem. Some time ago, the project informed the crypto community that it did not plan on airdropping tokens like others may have done.
Despite that, AMBCrypto reported how great the project had done in terms of adoption. Also, RNDR’s price action has not been left out of the party. Between 13 October and 2 November, Render’s network growth climbed from 136 to 503.
Network growth tracks the number of new addresses interacting on a network. The metric is used to gauge tracking on a project. Therefore, the hike suggests an increase in advocacy for the Render.
Decreasing demand for RNDR is not the end
As shown above, the metric had plunged, indicating a decline in traction. This decrease in demand for RNDR could also be linked to the cryptocurrency’s 2.94% fall in the last seven days.
Source: Santiment
But with the Solana partnership, RNDR could be back with an upward movement. The reason for this is that Solana has become one of the best performers of the past few months. In addition, projects linked to it have followed the same path.
On 31 October, Render’s social dominance reached a height of 12.45%. This meant that the crypto community had eyes on the token especially as the value surged to almost 100% at that time. Gaining insights into other promising AI crypto projects can complement your understanding of Render’s growth trajectory.
However, its social dominance has dropped at press time, indicating a recent oversight. But traders might need to watch out for RNDR in the coming weeks. Should the token build on its 6.95% 24-hour growth, then it may be time to expect a rally again.
Realistic or not, here’s RNDR’s market cap in SOL terms
Render’s market cap is also one metric market participants may want to watch out for. Based on CoinMarketCap’s data, the project was ranked 52 with a market cap of $866.10 million.
Source: Santiment
In the next few months, this value could increase depending on RNDR’s circulation, the narrative around its fundamentals, and certain developments.
