On January 31, the Render Network community votes to adopt a new Burn and Mint model proposal. A week after this vote, the utility token RNDR (based on the Render Network blockchain) shows an increase of 80%. Unheard of in the history of this blockchain!
Render Network Utility Token Price Sees Remarkable Rise
While the crypto market in general is showing a bearish trend, the price of RNDR has increased significantly. We are talking about a growth of about 425% since last year according to data published by CoinGecko.
Even today, Render Network pursues his rise. The blockchain is indeed experiencing a sustained upward trend after the vote to integrate the Burn and Mint model. 24 hours after the approval of the new system, the Render Network token registers more exactly a rise of 17%.
At the time of writing, RNDR is trading at $1.67 with a market capitalization of around $424 million. This equates to more than 80% growth. A great first for the blockchain!
The Burn and Mint model: the origin of this bullish trend
Render Network markets itself as the leading provider of decentralized GPU-based rendering solutions. It aims to connect 3D artists to node operators who hold idle GPUs. The goal: to process renderings easily and quickly.
On January 31, his community vote to make RNDR a denomination of payment between artists and operators. To do this, it will be necessary to set up the Burn and Mint model. The artist would therefore burn the required amount of RNDR in return for the non-fungible credits distributed to node operators.
The ultimate goal of the Burn and Mint mechanism is to allow the RNDR to become a long-term deflationary base asset.
The integration of the Burn and Mint mechanism will undoubtedly allow Render Network to quickly recover. But will this bullish trend last? To be continued…
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