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  • The decentralized GPU provider’s native token, Render Token (RNDR), has been on a strong rise, outperforming the entire crypto market.
  • In the last 30 days, the RNDR has gained 305% to trade as high as $1.78 for the first time since May 2022.
  • The gathering is fueled by several events, including the launch of the Render Network Foundation and the approval of the RNP-001 (v2) proposal.

Project reviews

Render Token (RNDR) is the native token distributed by Render Network – a decentralized GPU provider built on Ethereum

RNDR is used to pay artists who rent out their GPUs. However, all RNDR payments are stored in an escrow account during the rendering process and are only released when the commissioning artist manually checks successful work.

To prevent fraudulent actions by both lenders and GPU users, Render Network watermarks all assets offered on the network until payment has been successfully disbursed. RNDR also acts as the governance token used to vote on the protocol.

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Recent developments

January has been an eventful one for the Render Network. Project created recently Render Network Foundation (RNF), a non-profit organization. RNF is a major step in the continued decentralization and development of the Render network.

at recent days suggestion By Render DAO to make RNDR a payment class between artists and operators by implementing a unanimously approved burn-mint (BME) balance to implement on the network.

The Render Network team has announced that American rapper Lil Nas X’s popular music video “Long Live Montero,” created by Blake, features highly featured visuals using the Render Network.

Render Network’s generative art projects are also finding increasing use in NFTs and digital art. BOXED, created by Render Network creator Lorem, is now on display at Bright Moments Berlin, one of Web3’s leading digital art galleries.

Render Token (RNDR) has seen a sustained upward trend, outperforming the crypto market in the process. In the past week, the RNDR has gained 94% and 305% in the last 30 days.

7-day price chart for Render Token (RNDR). source: CoinMarketCap

The recent rally has seen the RNDR price climb to $1.78 – highs last seen in May 2022. With the rally slowing, the RNDR has lost 1.98% over the past 24 hours and is trading at $1.65.

30 day price chart for Render Token (RNDR). source: CoinMarketCap

The rally saw Render Token re-enter the top 100 cryptocurrencies ranked by market cap. Render Token is now ranked 91, with a market capitalization of $427.03 million.

future events

Proposal implementation procedures are ongoing. Upon implementation, artists on the network will burn the required amount of RNDR in exchange for non-fungible credits, which will be distributed to contract operators.

According to the proposal, implementing the BME mechanism on the Render network would make RNDR a commodity asset that could become deflationary in the long term.

The famous non-fungible token (NFT) creator, David Arreau (aka OctaneJesus), also has announce

on the flip side

  • Although it has made a recent resurgence, Render Network is a far cry from its peak usage and demand period.

Community

Community members are always keen on sharing their bullish outlook on the project and the RNDR token. Pro Tharan, Motion Graphics Designer, About the project:

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Why should you bother

Network Render is a unique project, in that it allows users to contribute unused GPU power to help projects render motion graphics and visual effects. With its growing use in the NFT and digital art space, RNDR is bound to benefit and could continue driving its higher price.

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