The price of Render Token (RNDR) has leapt by more than 32% in the past 24 hours and is currently trading at $2.33 – its highest point this year.
At the time of writing at 330pm BST, RNDR’s market cap has risen to $848m – making it the 60th biggest crypto, according to data from CoinMarketCap.
However, its all-time high was on 21 November 2021 when it reached $8.7608 – a 73.53% gap from its current trading price.
The RNDR price surge follows is the completion of the RNP-002 and RNP-003 votes that they will now alter the future of the project.
The RNP-002 approval means that Render will move forward with implementing the BME model on the Solana blockchain.
Final community vote
According to the Render Network’s tweet: “The RNP-003: Resource Acquisition and Allocation for Core Team and Grants received majority approval for the Foundation to acquire and allocate resources to bring products and growth initiatives to life.
The Render Network team posted: “With both RNPs having passed the final community vote, they will be updated to ‘Approved and on the Roadmap’ status, officially being added to the development roadmap for the Render Network.
“The Render Network team and Foundation would like to thank all members of the community that participated in these votes and contributed their thoughts during these processes. Keep an eye out on the Render Network channels for further updates regarding these proposals and their development statuses.”
Render Token is an ERC-20 utility token used by artists on the Render Network to exchange for GPU compute power from providers. Its developers say: “Render Token (RNDR) will make the process of rendering and streaming intricate virtual works easier for all users. It will allow complex GPU-based render jobs to be distributed and processed on a peer-to-peer network, making the transactional process of rendering and streaming 3D environments, models, and objects much simpler for end users.
“Furthermore, the Render Network will eventually evolve to include crowd sourced 3D projects to digital rights management, creating a vibrant new marketplace to fund digital ideas, assets and applications that anyone can access and leverage.”
Render Token has a circulating supply of 363,911,539 RNDR coins and a max supply of 536,870,912 RNDR.