The Apple App Store listed OctaneRender, the app that GPU owners use to join the render network. Cryptocurrency vlogger Ran Neuner speculates that RNDR may soon join the Solana blockchain.
Revolut has announced the addition of RNDR
Besides the jump over the past day, RNDR is also in a medium-term uptrend. In the last week, RNDR’s price has surged 45% and has nearly doubled to 81% in two years. The span of one week. So, what is the RNDR token, and why has it skyrocketed lately?
What is the Render Network?
The native token for the render network’s blockchain is called RNDR. Like other blockchain-based projects, the goal is to use a decentralized network of nodes to economize on a specific process. In this case, this process consists of rendering three-dimensional graphics. As cryptocurrency miners know, graphics processing units (GPUs) are not only expensive, but they are also hard to come by. Aside from facilitating mining operations, GPUs are exceptionally effective at rendering 3D graphics, which is essentially what they were designed to do.
Render Network hopes to leverage the capabilities of idle GPUs by connecting to your network through OctaneRender. Other network members can later use these idle resources to render graphics for their projects. These users then pay GPU owners with RNDR tokens for their service, plus a network maintenance fee.
The Reason for the Rise
There are a few reasons for the recent surge in RNDR. Last year, Apple introduced OctaneRender, the app used by GPU owners to participate in the Render Network, to its app store. This helped raise RNDR’s profile significantly. Besides mentioning this development, crypto vlogger Ran Neuner speculated that RNDR could soon join the Solana blockchain. However, the recent specific product that has accelerated the current rise of RNDR is likely news from Revolut. The payments company has been contributing cryptocurrencies on its platform since last year. It announced that it would add another 12 tokens to its lineup, including the RNDR token. At 8:00 a.m., under $0.90. Although it has cooled since then, it is currently trading at $0.82.