Render and his RNDR token see massive profits lately

BluShark Media
3 min readFeb 4, 2023

TL: DR

  • Render Network’s RNDR token increased more than 90% in the last week
  • RNDR has increased more than 300% in the last 30 days to reach around $ 1.69
  • The Render Network Foundation has been established to maintain protocol and grow the community.
  • The project voted 100% in favor of adopting a new tokenomics model called burning and mint balance.

The Render Network RNDR token is in the headlines after its price increased more than 90% last week. CoinGecko reported a recent increase in token, which also experienced an increase of more than 300% in the last 30 days to reach a value of around $ 1.69. The new growth is attributed to the launch of the Render Network Foundation and the approval of a new tokenomics model by the DAO of the project.

The Render Network Foundation, which was established on January 20, is a non-profit organization whose objective is to maintain the central protocol of the Render Network and grow its community and ecosystem. In addition, the project voted 100% in favor of adopting a new model of tokenomics, burning and mint balance, that encourages market participants to accumulate RNDR in the short term.

Render Network offers artists a distributed GPU network to render their 3D designs, with the RNDR token acting as the patented payment currency for rendering services. The burn-and-mint equilibrium model operates by setting the price of “ jobs to do ” in USD and causing creators to burn RNDR tokens equivalent to the price of labor. Then “ coupon tokens ” ( or “ processing credits ” ) are issued, not transferable or expendable to track completed jobs.

Node operators are compensated for their work through basic asset issuance incentives that reward their availability to take on jobs and the number of jobs completed within the network time. A net emission limit is set to ensure rewards continue, even after reaching the limit, and the amount of emission is adjusted according to the growth requirements of the network. The system operates in equilibrium if the amount of burned tokens is equal to the amount minted, and if the use grows, the supply decreases and creates an upward pressure on prices, and vice versa for the slowdown in use.

Render is not the first project to adopt the burn-and-mint equilibrium tokenomics model, in fact Helium Network and the now-defunct Factom also made use of it.

Thanks for reading Solanews , remember to follow our social media channels .

--

--

BluShark Media

BluShark Media is your trusted guide for web3, blockchain, NFTs, gaming & AI in the transformative digital world.