2023-04-28
Over the past week, few projects have performed as well as Render (RNDR). With powerful GPUs more commonplace now than ever before, Render provides owners with the ability to contribute processing power when not in use. This provides owners with a modest means of passive income, made possible through the RNDR token, while simultaneously giving content creators access to rendering services through the distributed network – saving time, and money along the way.
With the rise of the metaverse and rendering needs across a variety of industries, this has unsurprisingly resulted in Render garnering quite a bit of attention as of late; which brings us to why RNDR has been spiking – community agreeance on preparation for future demand.
Solidity Out, Rust In
For Render to scale its network, and prepare for its anticipated future demand, developers behind the project noted that a shift away from Solidity and the Ethereum network was needed. With this in mind, developers put forth a proposal to the Render community that would see the project transition towards building its network with Rust atop the Solana network instead.
When it put forth this proposal, stated to have been generated after an ‘exhaustive review’ of options, the developers explained that,
“The Render Network has been built with a goal towards providing real-time, rendered, interactive holographic streams. This will require states to be updated dynamically, in real-time and on-chain. To do so, the network needs to be able to write high-performance code both on-chain and on GPUs. Rust can provide the Render Network greater speed and flexibility than Solidity, ultimately permitting the use of the same code for GPU render work and smart contracts. Further, the Solana virtual machine can process both C++ or Rust code and turn that into a smart contract.”
It was recently announced that the voting period for this proposal, known as ‘RNP-002’, had come to an end. The result? An overwhelming ~4,800,000 voting yay, with a mere ~36,000 voting nay.
It should be noted that while nearly 5,000,000 eligible voters took part in the process, a whopping 167,000,000 did not.
Market Response
Being burdened by growth is a good problem to have. It shows both interest and demand for what Render has to offer, and with the passing of recent proposals (ie. RNP-002), it appears as though those responsible for the project are up to the task of scaling its services. The Render community appears to have recognized this, with RNDR trading accordingly.
RNDR/USD 7DAY
Not only is RNDR up 6% on the day, at time of writing, it is boasting gains north of 40% on the week. As it stands, the majority of trading volume for RNDR takes place on two exchanges – Binance, and Hotcoin Global.
The Front Runner
While Render has been around for years now, having launched in 2017, it was not actually the first project to hit the market offering access to distributed computation. Another, which seasoned market participants may recognize, goes by the name of Golem.
However, in the years since, a clear front runner between the two has emerged – Render. While Golem had its time in the spotlight years ago, it has slowly faded from prominence, retreating to the 141st largest project by marketcap, while Render has continue to rise to 59th at time of writing.