• Render Network announced the implementation of a burn and mint equilibrium (BME) mechanism for its native token — RNDR.
• RNDR surged over 17%, recording over 82% increase in the last 7 days and a whopping 302% in the 30-day time frame.
• The primary goal of the BME mechanism is to make RNDR a commodity asset that could become deflationary in the long term.
The Render Network recently made headlines after announcing the implementation of a burn and mint equilibrium (BME) mechanism for its native token — RNDR. This move has had an overwhelmingly positive impact on the price of the token, resulting in a 17% surge in the last 24 hours. Furthermore, the token has seen an 82% increase in the last 7 days and an impressive 302% in the last 30 days.
The Render Network is a decentralized GPU provider that connects 3D artists with node operators who have idle GPUs required to process the renders. The protocol had proposed to make RNDR a payment denomination between artists and operators by implementing a BME. This would allow the artist to burn the required amount of RNDR in exchange for non-fungible credits which would be distributed to the node operators.
The primary goal of the BME mechanism is to make RNDR a commodity asset that could become deflationary in the long term. The Render DAO unanimously voted to approve the implementation of this mechanism, which has provided a major boost to the price of the token.
The implementation of the BME mechanism is an important step towards making RNDR a viable asset for investors. By allowing for a deflationary token, the protocol is hoping to incentivize more and more investors to purchase the token and hold it for the long-term. With the surge in price, many investors are speculating that this could be the start of a new trend for RNDR.