Render Network Token Skyrockets After Community Approves Solana Expansion

The Render Network token (RNDR) has seen a significant 43% increase in value within just two days, following the community's approval of the network's expansion to the Solana (SOL) blockchain. According to CryptoSlate data, the price of the RNDR token has surged from $1.7911 on April 26 to $2.5615 on April 28, after the Render community voted in favor of two proposals, RNP-002 and RNP-003, which aimed to expand the network to the SOL blockchain and implement a new method of allocating network resources. The token is trading at $2.44 at the time of writing.

The Surge

The RNDR token's value has been on the rise since the community's approval of the expansion. At the time of writing, the token is trading at around $2.5381, reflecting a 36.32% increase over the last week. Moreover, the token has experienced a 98% and 68% surge in the previous 30 days and 365 days, respectively.

RNP-002: Layer-1 Network Expansion

The first proposal, RNP-002, titled "Layer-1 Network Expansion," sought to move the Render protocol to the SOL blockchain as the Layer-1 network. The proposal received overwhelming support from the community, with around 4.8 million voters in favor and only 36,000 against, resulting in a 99.26% acceptance rate. Render Network founder Jules Urbach highlighted the benefits of Solana, noting its impressive speed without compromising security. The proposal's approval led to the decision to deploy the Burn-and-Mint Equilibrium (BME) model on the SOL blockchain.

RNP-003: Resource Acquisition and Allocation for Core Team and Grants
The second proposal, RNP-003, titled "Resource Acquisition and Allocation for Core Team and Grants," aimed to put governance and control in the hands of the Render community, thereby moving towards decentralization. This proposal was also approved by a vast majority of 99.9%, with nearly 4.7 million supporting votes and only 4,900 rejecting. The Render team expressed that the approval would enable them to acquire and allocate resources more effectively, leading to the development of products and growth initiatives.

Future Prospects

With the approval of RNP-003, the Render team plans to propose further Render Network Proposals (RNPs) that will introduce better mechanisms to increase liquidity and provider rewards. This move towards decentralization, combined with the expansion to the fast and secure Solana blockchain, has contributed to the impressive growth of the RNDR token and the Render Network as a whole.

Conclusion

The Render Network's expansion to the Solana blockchain and the community-driven decisions regarding governance and resource allocation have led to a substantial increase in the value of the RNDR token. As the network continues to grow and adapt, it is expected that the Render community will maintain its momentum, fostering innovation and further decentralization within the network.