Investing.com | Editor Nikhilesh Pawar
Published Nov 14, 2023 01:36PM ET
NEW YORK – The Render Network, known for its distributed GPU rendering services, has officially transitioned from Ethereum to the Solana blockchain, capitalizing on Solana’s advanced technological capabilities and lower transaction costs. This strategic move is aimed at integrating real-time streaming, dynamic non-fungible tokens (NFTs), and machine learning applications into its platform.
In a bid to facilitate the migration of its user base, Render has introduced an Upgrade Assistant program supported by Wormhole protocol, providing an incentive of 1.14 million RNDR tokens. This three-month initiative is designed to encourage users to transfer their tokens early, with a portion of the grant allocated for these early migrators.
The switch to Solana comes at a time when the blockchain has demonstrated significant growth, with a notable surge of 144% in value over the past month. Moreover, Solana’s price has increased by over 15 times against Ethereum. Ryan Shea highlighted Solana’s attributes such as speed, cost-effectiveness, and scalability, and how they align with Render’s long-term objectives.
This integration is anticipated to further propel Solana’s adoption in the blockchain community and potentially reduce Ethereum’s market presence. Solana’s technologies like compressed NFTs and on-chain order books are expected to provide Render users with new utilities.
While the $RNDR token will continue to exist, it will no longer be maintained by the Render Foundation nor function on the Render Network post-migration. This development marks a pivotal step for Render Network as it seeks to leverage blockchain technology to enhance its offerings and user experience.
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Written By: Investing.com